Chinese online education platform Hexiaoxiang, which teaches Chinese to pupils aged between 5 and 12, has closed its Series B financing round, collecting RMB 200 billion (USD 28 million), 36Kr reported on Monday.
The round was led by Sinnovation Ventures, the firm set up by former Google China head Kaifu Lee, Bertelsmann Asia Investment, and an investment fund under US-listed education company Tomorrow Advancing Life.
The new funds will be used on research, education, and AI technology upgrading.
Hexiaoxiang, which is headquartered in Hangzhou, the capital of East China’s Zhejiang province, features pre-recorded courses and one-on-one tutoring. Its third main feature is interactive learning among peers, guided by cartoon-based learning material.
The company has more than 1,000 tutors and claims that it has made a monthly revenue exceeding RMB 10 million (USD 1.45 million) in the past 15 months.
Another Chinese startup called Huohua, which focuses on providing math-and-science courses, just closed its Series D round, bagging USD 100 million.
36Kr is KrASIA’s parent company