Codemao, a China-based coding education provider backed by mobile internet company Cheetah Mobile and media group Southern Publishing and Media, has raised RMB250m ($35.3m) in series C-plus financing, China Money Network has reported.
The round was led by CMB International Capital, part of financial services firm China Merchants Bank, and included the state-owned Guangdong Technology Financial Group, private equity firm Sharewin Investment and, according to DealStreetAsia, Bank of China fund Bohai Zhongsheng.
Founded in 2015, Codemao provides online coding courses to students aged seven to 16, both directly through its dedicated platform and through schools. It is one of the companies that has seen business grow as the coronavirus pushes more children to study at home.
Codemao has built its own programming tools focusing on areas such as graphics, mobile apps and programming language Python. It reportedly has more than 31 million registered users.
The latest round follows a $56.6m series C round in November 2019 led by Russia-China Investment Fund and backed by Southern, Cheetah Mobile, Guangdong Technology Financial Group, Hillhouse Capital, SAIF Partners, Everbright New Economy Fund, Crystal Stream Capital and Green Pine Capital Partners.
The company has reportedly now raised more than $177m altogether, its earlier investors including Cheetah Mobile as well as CMB International Capital, Hillhouse Capital, Crystal Stream Capital, Green Pine Capital, Qinghan Fund and Xinyi Capital.
