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Startups

Chinese online math platform raises millions

VIPThink fundraising led by US-listed New Oriental as edtech sector heats up

The online education sector in China is booming.   © AP

BEIJING -- Guangzhou-based online math platform VIPThink raised "hundreds of millions of yuan" in its Series B financing, 36Kr reported Tuesday. 

U.S.-listed English training company New Oriental Education led this round while audio content platform Ximalaya, as well as venture capital firms DCM and Sinovation also joined in. 

VIPThink targets kids between 3 and 8 years old, selling live-broadcast math lessons to their parents.

The startup, established in 2016, markets its courses via e-commerce channels, online communities and also hires sales representatives for face-to-face promotions.

VIPThink's revenue ballooned from 300,000 yuan ($41,793) in July 2018 to 28 million yuan in May this year.

The online education sector is a hot pick for investors. Last week alone, KrASIA reported several fundraising deals in this sector.

Beijing-based online education platform Huowa closed its Series D equity financing round, collecting $85 million from investors led by GGV and KKR. Huowa targets children between 3 and 12, offering live-streamed courses aimed at building one’s mathematic and scientific reasoning capabilities.

Xigua Chuangke, headquartered in Hangzhou the capital of Zhejiang province, sells online courses on programming to children between 7 and 12. It closed its Series B financing round, bagging 150 million yuan ($20.9 million) from investors.

Another Hangzhou-based startup Hexiaoxiang which features pre-recorded Chinese language courses and one-on-one tutoring, closed its Series B round, raising 200 billion yuan.

KrASIA is a digital media company focused on technology-driven businesses and trends across the Asia-Pacific region. It is under 36Kr, a tech news portal based in Beijing. Nikkei announced a partnership with 36Kr on May 22, 2019.

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