Telecommunications and internet group SoftBank’s Vision Fund 2 led a $180m series C round for China-headquartered online education product developer VIPThink yesterday, DealStreetAsia reported, citing a company announcement.
Education technology provider New Oriental also took part in the round, along with venture capital firms DCM and Sinovation Ventures, growth capital firm Enlight Growth Partners and the family office of Cai Doingqing.
Also known as Wandou Siwei, VIPThink provides software designed to help children aged three to eight years old improve concentration and core learning skills. It currently serves some 250,000 students worldwide, according to DealStreetAsia.
The round was disclosed alongside a merger with Magic Ears, a China-based English language learning service that had raised about $29m, including $6m from online tutoring service Yuanfudao and Bob Xu ZhenEdu Fund in 2017. Its other backers included Hillhouse Capital and ZhenFund.
VIPThink said it had previously closed five rounds of funding, most recently taking a nine-figure renminbi amount (RMB100m = $14m) in a September 2019 series B round led by New Oriental and its New Oriental Industrial Fund and backed by online audio network Ximalaya FM, DCM and Sinovation Ventures.
Social game producer Happy Elements reportedly joined existing investor Sinovation Ventures in a $3m pre-series A round for VIPThink in early 2018 that was followed by $15m in a January 2019 series A round led by Sinovation Ventures that included DCM.
