Online English training company Acadsoc receives USD 14M for Series B
Founder: Anson Wong
Founded in: 2011
Financing status: RMB 100 million (USD 14 million) for Series B financing in 2017
Online English training company, Acadsoc, received USD 14 million for Series B on September to speed up the development of its products and services.
Acadsoc is an online English training company that provides students with one-on-one English training services through online live streaming. It targets students who want to improve their English for the Chinese college entrance examination, examinations for studying abroad–such as IELTS and TOEFL–as well as English teaching for adults and enterprises. Additionally, Acadsoc supports students who want to study abroad with school recommendations, customized recommendation letters, and adjustment support.
It mainly recruits English teachers in Southeast Asia because it costs less to provide students with English studying tutorial services. It also recruits foreign teachers in North America to meet the higher demands of students in first- and second-tier cities.
Founded in 2011 in Shenzhen, it has so far recruited more than 3000 foreign teachers across the world, and collaborated with over 400 colleges and universities overseas. These partners provide Acadsoc with teaching material. Currently, Acadsoc has millions of users in China, with a management team of 800 employees.
This new financing round was led by Shenzhen Capital Group, with IDG, GF Xinde Investment Managemant, and Hotland Innovation Asset Management participating as investors. The capital will be used to invest in the development of online English training products and to optimize its services.
Child reading service provider Kada received undisclosed Series A
Founded in: 2014
Financing status: Undisclosed Series A financing in 2017
Child reading service provider, Kada, received undisclosed Series A on September 13 to improve its platform’s user experience.
Kada is a child reading service provider that mainly provides children aged 0-9 with content support. There are audiobooks, songs, videos, interactive games, and other content on Kada’s platform. The company wants to build an ecosystem of children’s reading services and content platform, providing content creators with promotion support. For promotion, Kada mainly works with kindergartens and relevant educational organizations to offer content support for their students. Additionally, it also provides content customized services for story machines, children’s watches, Internet TV, even VR platforms and other types of intelligent terminals.
Founded in 2014 in Hangzhou, there are currently more than 10,000 pieces of reading material for children available on Kada’s platform, with more than 500 million viewers. Users can access its reading services on smartphones, laptops, and TVs.
This new financing round was led by Tomorrow Advancing Life, a leading educational enterprise in China, with Vision Capital and Sino Wisdom participating as investors. The capital will be used to improve users’ experience with its platform, as well as invest in market expansion for more customers.
(Top photo from 58pic.com)