Guangzhou, China-based edtech startup, VIPThink has bagged US$ 180M in a Series C funding round held in November 2020, led by SoftBank Vision Fund 2. Other participants in the funding round include Sinovation Ventures, Alpha Animation CEO Dongqing Cai’s family foundation, New Oriental, Doll Capital Management and Enlight Growth Partners.
Started in 2016, VIPThink is an online children’s mathematics learning education brand. It primarily teaches mathematics online to kids in the 2 to 12 yrs age range. With the use of front-end teaching toys to stimulate the students’ brain, introducing unconventional thinking tools at home and overseas and combining PBL teaching methods it intends to promote interest and constant innovation in the journey of self-exploration and active expression of children. The startup claims to transact over US$ 33.2M in monthly revenue and aims to hire 10K teachers and cater to 1 million students in the future, as per a statement.
Post the investment, Sinovation Ventures will help VIPThink with the application of artificial intelligence in its lessons and Alpha Animation is said to help the startup in building an innovative education environment by integrating learning with anime. Yu Dachuan, co-founder and president of VIPTHink credited the success of his startup to its backend saying it refers to teaching along with research and development, operation, referrals, and all other things that lead to positive effects. He further added that the announcement of the new fundraising is just the beginning of their expedition and only when they begin offering courses that can truly satisfy children and their parents can they grow sustainably.
In consort with the latest investment, VIPThink also announced its merger with Magic Ears, an edtech startup that provides kids with online English lessons. With this deal, VIPThink strives to create an all-in-one online learning platform for kids in China.
VIPThink raised US$ 1.5M in a Series A round from Doll Capital Management and Sinovation Ventures, as well as hundreds of millions of yuan in a Series B round led by New Oriental, both in 2019.
About Magic Ears
Magic Ears was founded in 2016 and is a pioneering online English learning platform for students aged 4-12. Its mission is to bring a global classroom experience to every child and to offer the best online career opportunity to teachers. The startup provides a unique 1-on-4 classroom that creates a fun and efficient learning environment. Its hi-tech curriculum and user-friendly platform make teaching enjoyable and fruitful, and its supportive employee culture allows individuals to work in the midst of a warm and happy family.
The startup secured US$ 18.1M in a Series A round led by Hillhouse Capital in 2018 along with participation from ZhenFund.
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