Chinese online mathematics teaching platform VIPThink has raised multiples of RMB 100 million in a Series B round funding led by US-listed and Chinese educational service provider New Oriental Education.
Besides New Oriental Education, Chinese audio service platform Ximalaya FM, and venture capital firms DCM and Sinovation Ventures participated in the funding round.
Founded in 2016, Guangzhou-based VIPThink focuses on the cultivation of online mathematical thinking, concentration and learning habits of children aged between three and eight. The company believes that mathematics makes children smarter and that 3-8 years old is the most valuable thinking development golden period. With the belief that mathematics is not a formula and operation, but an application of knowledge and logic to solve problems in life, VIPThink provides quality mathematics thinking tools for children to learn mathematics in a fun and interactive way.
The company said that the new fund will mainly be used to upgrade teaching research and enhance product technology development to promote the standard of online mathematical thinking education for children in China.
Speaking about VIPThink and its commitment to the company, Minhong Yu, Founder and Chairman of New Oriental Education and Technology Group, said,
“As the fastest growing brand of track, VIPThink has been polished for many years. The development rhythm of the company is in line with investors’ expectations for quality education products. This healthy development model will allow us to look forward to many more co-operations with the company and we will together bring better mathematics thinking education for children in China.”
Needless to mention, since the transition to online back in August 2018, VIPThink has maintained a monthly revenue growth rate of 100%. This year in May, the startup’s online single-month revenue reached RMB 28 million (US$ 3.9 million) compared with RMB 300,000 (US$ 41,793) in the first month of the transition to online.
Previously known as Happy Seeds, VIPThink has raised a total of four funding since it was founded in 2016. Hope the new fund will enable the company to fulfil its plans to upgrade teaching research and its product technology to bring better mathematics thinking education for children in China.