Preschool education platform Huivo announced on Monday that it has landed RMB 150 million (USD 23 million) in a Series B+ financing round.
This round of financing was led by Fosun Kinzon Capital, which specializes in investing in early and growth stage innovative technology companies in both China and the US, and followed by Chinese testing technology and testing services provider TAL .
Zhang Kang, the CEO of Huivo , said this round of fundraising will be used to build a preschool education ecosystem connecting various quality preschool education resources all over the country.
He added that they will establish standards for preschool education content, provide specialized education services and link students with quality educational content to build an ecosystem.
This platform has mainly developed three products: an interactive teaching system, smart classes and a teaching app that aims to provide education solutions for kindergartens.
According to data from the platform, it has provided services for more than 5,000 kindergartens, 70,000 teachers and 87,000 students as of May 2015.
Founded in 2012 in Beijing, Huivo is an interactive education platform that aims to connect students, teachers, and parents on an online platform and provide educational resources.
In 2014, the platform received USD five million in Series A financing and last year landed RMB 120 million in a round of Series B financing led by TAL and Chinese video-based social network YY.
China’s preschool education market is a vast market that has yet to be explored. According to a report released by the Chinese Ministry of Education, the preschool education market is estimated to be worth RMB 350 billion per year.
This is partly because China has recently changed its one-child policy and partly because Chinese parents’ awareness of the importance of preschool education has been increased.
Some other notable players in the preschool education sector include iBeiliao, which closed a Series B round of financing of over RMB100 million this January and Youanbao, which received RMB30 million in a Series A round of financing in March.
(Top photo from guangyuannol.cn)