China-based children’s entertainment provider Kaishu Story secured more than $50m today in a series C round led by internet group Baidu.
Education services providers New Oriental Education & Technology and TAL Education also took part in the round, as did Shanghai Kunyan Investment.
Also known as Kaishu Jianggushi in Chinese, Kaishu Story offers a mobile app that provides more than 30 million users with access to children’s fiction stories, audio shows and online content for parents.
Kaishu Story intends to use the funding to bolster its content while also leveraging Baidu’s technologies. The company will also offer its educational content through Baidu’s mobile app as well as smart speakers and messaging app WeChat.
New Oriental Education & Technology led Kaishu Story’s $13m series B round in May 2017, investing alongside media company Zhejiang Daily Digital Culture, investment firm Trustbridge Partners and iResearch Capital.
The company went on to raise $24.6m in a March 2018 series B-plus round backed by Kunyan Investment and private equity firm Loyal Valley Capital, according to China Money Network.