Beijing, China-based online art learning platform Meishubao has raised US$ 210M in a Series D funding round held in December 2020, led by TPG Capital’s Rise Fund. Other investors in the funding round include Fortune Capital, Winsdom Capital, SAIF Partners, Bojia Capital, and Chuangzhi Capital.
The latest round brings the total funding raised by the startup to date to US$ 306.3M which it has secured from investors such as Shunwei Capital, BlueRun Ventures, and BHG Long Hills Capital, among others.
Capital raised will be used by the startup for curriculum research and advancement. It is also looking forward to expanding its market, developing its product, building its brand, and unifying its online and offline businesses.
Founded in 2014 by Gan Ling, Meishubao leverages artificial intelligence and augmented reality to provide online art lessons for kids aged between 3-18 years old. The startup has developed 3 major products, that are, an online art education platform named Meishubao One-On-One, targeting children, an intelligent campus app called Weixiao, and Meishubao, an art education app catering to art students and amateurs. It boasts of 5 million registered users spanning 160 countries and regions globally. Out of the 5 million, more than 500K are paying users. The edtech startup strives to use science and technology to encourage the growth of art, integrating digital technology with teaching, and creating a new atmosphere for aesthetic education. It also claims that it has approximately 1K employees and over 20K teachers on its platform.
Previously, the startup had bagged US$ 40M in a Series C+ round in July 2020. Before this round, it had obtained US$ 40M in a Series C1 funding round held in June 2019. Both these rounds were led by Tencent.
Sun Chang, Managing Partner of TPG China, who supervises the investment activities of TPG and its Rise Fund in the area, said on the investment that inclusive education is one of the major areas of The Rise Fund’s social impact investment, and interactive education is an essential part of getting closer to that goal. He added that as China’s leading art education platform, Meishubao Education utilizes technologies to successfully expand the range and depth of art education. He was quoted to have said, “This model not only provides more interactive educational opportunities for children – including those in rural areas but also builds a larger platform for art educators to demonstrate their value.”
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