English education site Acadsoc has reportedly completed its Series C1 fundraising round, raising an eight-figure amount, according to KrASIA‘s parent company 36Kr. The funding round was jointly led by IDG Capital and Shenzhen Capital Group. Other investors include Venture Factory and Bofu Fund Management.
Acadsoc will use the funds to supplement its pool of teachers, specifically recruiting more educators from Europe and America. The company will also research and develop courses in line with CSE standards and improve its technical systems.
The startup is also said to be gearing up for its Series C2 round, according to sources familiar with the matter who spoke to 36Kr.
Founded in 2011, Acadsoc began as an education provider that offers one-on-one foreign language study programs. In 2016, it diversified its services, providing online English courses for primary school and middle school students, adults, and those preparing for BEC, IELTS, and TOEFL tests. Acadsoc mainly offers English language instruction for Chinese students living in the country’s so-called lower-tier cities. Its curriculum relies substantially on content from public films and fashion magazines.
Prior to its Series C1 round, the company had raised up to US$15 billion, according to CrunchBase.
Editor: Brady Ng