Chinese edtech startup VIPThink, which offers online math lessons to children, has raised $180 million in a Series C funding round led by SoftBank’s Vision Fund 2, the company has announced recently.
According to a company’s statement, Sinovation Ventures, Alpha Animation CEO Dongqing Cai’s family foundation, private educational services provider New Oriental Education, Venture Capital firm DCM, and Enlight Growth Partners also participated in the round.
Founded in 2016, VIPThink focuses on the cultivation of online mathematical thinking, concentration and learning habits of children aged between 3 and 8. The company believes that mathematics makes children smarter and that 3 to 8 years old is the most valuable thinking development golden period. VIPThink believes that mathematics is not a formula and operation, but an application of knowledge and logic to solve problems in life. Thus, the company provides quality mathematics thinking tools for children to learn the subject in a fun and interactive way.
The Guangzhou-based company claims to record over 220 million yuan ($33.2 million) in monthly revenue and aims to onboard 10,000 teachers and serve one million students in the future, according to a statement.
Along with the latest funding, VIPThink also announced that it has merged with Magic Ears, an innovative online English learning platform for student ages 4 to 12. Following the deal, the company aims to create a one-stop online learning platform for kids in China.
Founded in 2016 in Beijing and expanded operations to Nashville, Tennessee, in 2018, Magic Ears focuses on narrowing the education gap for children in China by providing high-quality English learning experiences that help propel the students into bright future. With state-of-the-art curriculum, user-friendly platform, and a network of passionate teachers from North America, it provides a unique 1-on-4 classroom that creates a fun and effective learning environment.
VIPThink has last raised hundreds of millions of yuan in a Series B round in September 2019 led by New Oriental Education. Prior to that, the company has raised $1.5 million in its Series A round from DCM and Sinovation Ventures.
Meanwhile, with the latest funding, VIPThink has joined forces with other Chinese edtech giants that raised hundreds of millions of dollars in recent times. Just last month, Beijing-headquartered Yuanfudao has completed its $2.2 billion Series G round and became the most valuable edtech company in the world at $15.5 billion valuation. Others that raised multiples of hundred million dollars in recent months include Zhangmen ($400 million in October), Huohua Siwei ($150 million in August), and Zuoyebang ($750 million in June).