China-based online art tuition platform Meishubao has collected $40m in a series C1 round led by internet group Tencent that included Hony Capital, the private equity firm sponsored by conglomerate Legend Holdings.
The round also featured venture capital firm BlueRun Ventures as well as investment firm Welight Capital, fund manager BHG Long Hills Capital Management and Shenzhen government-owned investment vehicle SZ Capital.
Founded in 2014 and operated by Beijing Yiqi Network Technology, Meishubao provides interactive online art tuition through Meishubao One-On-One, Meishubao Weixiao and Meishubao, which are marketed to children, students and hobbyists respectively.
The C1 cash will help Meishubao design additional online education content with a view to enhancing its interactive courses. The company expects to book more than $100m in turnover over the course of 2019.
The series C1 round brought Meishubao’s overall funding to almost $73m, according to China Money Network.
The company reportedly secured $15m in a series B-plus round led by BHG Long Hills in October 2018. Financial advisory firm Mulberry Capital had reportedly led a $7.8m series B round for the company in 2016 at a valuation of more than $75m.