China-based online education provider iYunxue Age, a graduate of Microsoft Accelerator in Beijing, has raised RMB149m ($22m) in series B and B+ rounds from unnamed investors, China Money Network reported yesterday.
Founded in 2013, iYunxue Age is the developer of Mofangge, a platform that takes a “learning through gaming” approach to K12 education, offering apps featuring brightly coloured cartoons and graphics and an online database of test questions.
The company’s previous strategy was to target individual users, but it now partners thousands of tutoring centres and markets its products to education businesses. It did not reveal how it planned to use the financing.
Prior to the series B round, iYunxue Age formed part of the fifth cohort of software producer Microsoft’s Beijing Accelerator in 2015, after reportedly raising an eight-figure dollar sum from Kinzon Capital, the venture capital firm solely sponsored by conglomerate Fosun, the year before.
Mofangge is expected to generate a profit next year, and iYunxue Age plans in future to list on a domestic exchange through a reverse merger.