China-based video education app developer Leleketang has closed a $40m series C round featuring education services provider New Oriental’s Education and Culture Industrial Fund, 36Kr reported yesterday.
The round was led by Owl Ventures, the education-focused venture capital fund that announced $585m in new investment vehicles earlier this month. Morningside Venture Capital, Lightspeed China Partners and BlueRun Ventures also participated.
Leleketang is the creator of a mobile app with more than 50 million registered users that provides short-form video lessons for subjects like mathematics or English. It also supplies videos to third-party education and training organisations.
The round brought Leleketang’s overall funding to $85m according to 36Kr, including $5m in series A funding from Morningside Capital and a $20m series B round where Morningside was joined by Lightspeed China Partners and BlueRun Ventures.
New Oriental, Morningside Capital and Lightspeed China subsequently provided $20m in series B-plus funding for the company. It will spend the latest funding on increasing headcount, expanding its content and strengthening its technology.
