Chinese startup VIPThink secures $180 million in funding

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Sep 23, 2020
More evidence of the boom of the education market in China

Chinese edtech startup VIPThink, which is also known as Wandou Siwei, announced that it has secured US$180 million in a series C round led by SoftBank Vision Fund 2.

Sinovation Ventures – helmed by Google China’s Kai-Fu Lee – Alpha Animation CEO Dongqing Cai’s family foundation, private educational services provider New Oriental, VC firm DCM, and Enlight Growth Partners also participated in the round.

Founded in 2016, VIPThink mainly provides online math lessons for kids ranging from 2 to 12 years old. It claims to record over 220 million yuan (US$33.2 million) in monthly revenue and aims to onboard 10,000 teachers and serve 1 million students in the future, according to a statement.

Sinovation Ventures’s Lee says the firm will help VIPThink apply artificial intelligence to its lessons. Meanwhile, Alpha Animation said it will enable the company to create a new education ecosystem by combining learning with anime.

Last year, VIPThink raised US$1.5 million in a series A round from DCM and Sinovation Ventures, as well as hundreds of millions of yuan in a series B round led by New Oriental.

Along with the latest investment, the company also announced that it has merged with
Magic Ears, which provides kids with online English lessons. Following the deal, VIPThink aims to create a one-stop online learning platform for kids in China.

Magic Ears was founded in 2016 and received 120 million yuan (US$18.1 million) in a series A round led by Hillhouse Capital in 2018, with participation from ZhenFund.

According to research firm Daxue Consulting, the online education market in China is expected to reach over 540 billion yuan (US$81.5 billion) by 2022.