China-based tuition services provider Shenzhen Scholar Education has received $40m in funding from CRE Alliance, a joint venture backed by diversified conglomerate China Resources Enterprise (CRE), Asian Venture Capital Journal has reported.
CRE Alliance, which was formed by CRE and Great Wall Asset Management in 2016, took a minority stake in the company through the deal.
Shenzhen Scholar Education offers tutoring to six to 18 year-old children through an online platform and 60 physical branches, most of which are in the province of Guangdong.