China-based music tuition platform Peilian.com has secured a nine-digit renminbi amount (RMB100m = $15.3m) of series B capital from investors including internet group Tencent, Yicai Global reported yesterday.
Investment group Orchid Asia also took part in the round, along with firms BlueRun Ventures, GSR Ventures and Long Capital.
Founded in 2014, Peilian offers customers web-based tuition for musical instruments including the violin, piano, accordion and a traditional Chinese string instrument called the guzheng.
The company has registered users in 14 countries and conducts the tuition sessions through video chat so students can receive live feedback from its instructors.
BlueRun Ventures provided angel funding for Peilian before GSR added series A capital, according to China Money Network, which also reported that Long Capital had invested several millions of dollars in the company in May 2017.
Weiqian Xun, director at Tencent unit Tencent Investment, was quoted by Yicai as saying: “Music education is a large education market, but it has a low success rate and high drop-out rate,” adding: “Peilian has reduced this problem and has developed a good reputation.”