China-based online education platform Huohua Siwei has closed an $85m funding round featuring real estate developer Longfor Properties, China Money Network reported yesterday, citing a company statement.
GGV Capital and KKR co-led the round, which included Sequoia Capital China, IDG Capital, Northern Light Venture Capital, Hike Capital, Lightspeed China Partners and GSR Ventures. Longfor participated through investment vehicle Longhu Capital.
Founded in 2017 and run by holding company Beijing Xingengyuan Technology Development, Huohua Siwei offers online mathematics and science lessons for pupils ages between three and eight. The platform has almost 60,000 users and makes use of more than 1,800 part and full-time teachers.
The round will aid Huohua Siwei’s efforts to develop additional artificial intelligence-powered courses in addition to research and development that will support the expansion of its teaching materials.
The company has now raised $160m in funding altogether. It most recently received $40m in a series C round co-led by Northern Light and Longhu Capital that also featured Sequoia China, IDG Capital, Lightspeed Venture Partners, Hike Capital and GSR.
All the series C investors bar Longhu had already participated in Huohua Siwei’s $20m series B-plus round in June 2018. The funding was secured the month after the company received $15m in a series B co-led by IDG Capital and Hike Capital.
Huohua Siwei had previously received an undisclosed amount in a series A round co-led by Lightspeed and IDG Capital in 2016.
