China-based early-years parenting app developer QinBaoBao has closed a nine-digit renminbi (RMB100m = $14.5m) series C round led by online education provider TAL Education, KrAsia has reported.
Diversified conglomerate Fosun International and venture capital firm Shunwei Capital also took part in the round.
QinBaoBao has created a mobile app that supports parents from the time of pregnancy until their children are approximately six years old. It includes expert resources on parenting, a storage hub for family records and photographs and an e-commerce platform selling goods such as nappies.
The series C cash will support the development of new products and help QinBaoBao enhance its overarching brand. TAL expects to glean an insight into the early-years education market following the investment and will partner QinBaoBao to share online resources and content.
Fosun previously led an eight-figure dollar series B round for QinBaoBao in December 2016 that included Shunwei Capital, according to China Money Network, after Shunwei had reportedly provided $5m of series A cash at an unspecified date.
QinBaoBao also secured an undisclosed amount from VC firm Sinovation Ventures in an angel round, though further details of the investment could not be ascertained.