Short-form video app developer Beijing Kuaishou Technology has supplied $30m in funding for China-based children’s education platform operator Huohua Siwei, 36Kr reported yesterday.
Huohua Siwei has built an online platform that helps students aged 6 to 18 learn by teaching critical thinking skills. Its largest areas are mathematics and science but it expanded into Chinese language learning in mid-2019.
The Kuaishou investment was made as part of a larger round Huohua Siwei is in the midst of raising. It has targeted $100m to $150m for the round’s close, according to 36Kr, which reported that the companies had been discussions over an investment since late 2019.
Venture capital firm GGV Capital and investment firm KKR co-led Huohua Siwei’s last round, in August 2019, when it secured $85m from participants also including Longhu Capital, an investment vehicle for real estate developer Longfor Properties.
IDG Capital, Lightspeed China Partners, Northern Light Venture Capital, Sequoia Capital China, Hike Capital and GSR Ventures also contributed to the August round, which increased the company’s overall funding to about $160m.
Huohua Siwei had previously received $40m in a March 2019 series C round co-led by Longhu Capital and Northern Light Venture Capital and backed by existing investors IDG Capital, Lightspeed Venture Partners, Sequoia China, Hike Capital and GSR Ventures.
Image courtesy of Huohua Siwei.
