Internet group Tencent has led a $100m series E2 round for China-based online education provider Huohua Siwei that increased the latter’s overall funding to about $440m, 36Kr reported yesterday.
One of the company’s peers, Yuanfudao, also participated in the round along with private equity firm Carlyle Group.
Huohua Siwei runs an online learning platform with some 85,000 daily active users. It began as an app that mainly concentrated on mathematics but has since diversified its output to Chinese language and, as of August this year, English language learning.
The funding will be allocated to a growth drive that will involve Huohua Siwei expanding the age range for its subjects in addition to attracting more users.
The company’s last funding came two months ago when investment firm KKR led a $150m series E1 round that included Longfor Capital, an investment vehicle for real estate developer Longfor Properties.
Sequoia Capital China, GGV Capital, GSR Ventures and IDG Capital also took part in the August round, which was preceded by $30m in series D-plus funding from video streaming app developer Kuaishou in April this year.
Huohua Siwei had previously received $85m in an August 2019 series D round featuring Longfor Properties fund Longhu Capital and the rest of the series E participants as well as Lightspeed China Partners, Northern Light Venture Capital and Hike Capital.
The company’s earlier funding had come from Longhu Capital, Northern Light Venture Capital, Sequoia China, IDG Capital, Lightspeed Venture Partners, Hike Capital and GSR Ventures.
