Tech Financing in China this week – EdTech flourishes

Our weekly column summarizes the tech financing highlights in China this week.

Education startups are actively seeking opportunities to integrate the latest technology in order to move the traditional offline classes online, enable users to start their classes anywhere by offering services on mobile terminals such as smartphones, tablets, and so on. Chinese parents and students focus their attention myopically on education–they are never satisfied with the current services and they always want them to be better.

This week, online English education startup, DaDaABC, raised USD 100 million for Series C, which was led by Tiger Global and TAL. The startup mainly provides one-to-one online English teaching for children between the ages of 4 and 16. According to DaDaABC, the number of students who are between 5 and 10 years of age is increasing, and will exceed 50 million in 2018. Needless to say, the market is huge. With the support of investors, DaDaABC will further invest in the research and development of AI, and integrate it into real education scenarios, as well as develop more high-quality content for its educational services.

1. Co-working spaces also attracted large amounts of venture funding this week. Beijing-based co-working space, Kr Space, raised USD 92 million for its Series PreB, with investors including CMIG, and IDG Capital. The startup aims to expand its co-working spaces in first-tier cities in China, to provide enhanced enterprise services by improving operational efficiency.

2. Mobile recruitment platform, MoSeeker, received USD 15 million for Series B on January 6th. MoSeeker enables enterprises to post their job requirements, promote themselves on social media platforms, as well as match suitable talents through social connections like WeChat. Investors for this round included Recruit Holdings and others.

3. On January 6th, online vehicle insurance service platform PANDAINS, received USD 8 million for their Series A+ financing round from a group of investors that included Sing Fook Investment, Legend Star, etc. The platform will use the capital to strengthen its development of vehicle related financial products, and recruit more talent for business development.

4. On January 8th, big data startup, New Flow Tech, which provides big data oriented intelligent decision engines based on DaaS,  received USD 18 million for their Series A financing round led by SoftBank, 360 and others.

5. Medical imaging startup, Eimageglobal, received USD 15 million for Series D on January 8th led by SDIC. The company provides hospitals and medical organizations with medical imaging technology support. It will use the funds to develop a cloud platform to facilitate its medical imaging services.

6. On January 9th, the Internet talent service provider, PMCAFF, which matches talent and enterprises via its online community, received USD 11 million for their Series A+. Their investors included Yi Capital and Alphax Partners. The startup will focus on large and medium-sized enterprises that need comprehensive service.

7. On January 10th, an electronic signature platform, eQianbao, which provides professional electronic signature SaaS services, secured USD 23 million for Series B from QHMA and THG Ventures. The capital will be used to expand public service capacity.

8. On January 10th, Hupu, an online sports community that builds a relevant ecosystem for e-commerce, sports events, financial, and other services according to its sports businesses, secured USD 95 million for its latest financing funding led by CEWC, targeting a wider service range.

(Top photo from 699pic.com)

Kaikai Shi
Kaikai Shi

Kaikai Shi runs the Tech Financing columns for us. He holds a bachelor's degree in Biotechnology at Zhejiang University. His interests are in new technology and reading. Kai believes that new technology will change the world we live in, and is trying to engage himself in this process. Write to him: kai[at]alltechasia.com

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