Internet group Tencent has led a $40m series C-plus round for China-based online art education provider Meishubao, China Money Network reported yesterday.
Bojia Capital, the corporate venturing subsidiary of Do-Fluoride Chemicals, also took part in the round, as did venture capital fund Shunwei Capital, VC firm BlueRun Ventures and private equity firms BHG Long Hills Capital and Chuangzhi Capital.
Meishubao is the owner of several online platforms that utilise technologies such as augmented and virtual reality to teach art and aesthetics to students, including an offering aimed at children and a product that targets amateur artists and art students.
Haiyang Yu, executive director at Tencent subsidiary Tencent Investment, was quoted by China Money Network as saying: “Art education is an important part of the quality education.
“We are optimistic about the innovation prospects of online art education. Tencent is willing to support excellent entrepreneurship teams in education industry for a long time and contribute to the development of the industry.”
Tencent also led the company’s last round, a $40m series C1 round in June 2019 that included BlueRun Ventures, BHG Long Hills Capital, Hony Capital, Welight Capital and SZ Capital. It has now raised about $114m since it was founded in 2014, it said this week.
BHG Long Hills Capital reportedly led Meishubao’s $15m series B-plus round in late 2018. Its existing backers include Mulberry Capital and, according to DealStreetAsia, Sealand Innovation, High Ground Capital and Boya Capital Partners.
