Shaonian Dedao, an online learning subsidiary of China-based information knowledge and sharing service Beijing Logicreation Information & Technology, has secured nearly RMB200m ($29.7m) in series B funding, DealStreetAsia has reported.
Private equity fund Vision Knight Capital led the round, which included Mooc-CN Education and Toutou Shidao Fund, both investing on behalf of Tsinghua University subsidiary Tsinghua Holdings, as well as China Growth Capital, Everbright’s new economy fund and Frees Fund.
Formed by Logicreation in April 2018, Dedao runs an online platform aimed at students aged 5 to 15, offering livestreaming courses and educational audiobooks.
The company claims to have expanded its user base 1,000% since the start of the coronavirus pandemic, and will put the series B proceeds into course development, brand management and marketing.
China Growth Capital, Frees Fund and Everbright had joined Loyal Valley Capital, Purple Cow Startups and Lighthouse Capital in Dedao’s series A round, which was sized at roughly $14m, in 2019, according to DealStreetAsia.
The round comes after Logicreation, which is backed by investors including internet group Tencent, filed for a $152m initial public offering on Shenzhen Stock Exchange’s ChiNext board last month.
Image courtesy of Shaonian Dedao.
