Hetao101 Closes Million Fund, Led By Hillhouse Capital Group
Hetao 101 confirmed the latest funding led by Hillhouse Capital Group has been closed. The exact funding amount has not been disclosed yet, Hetao101 says.
Jan 27, 2019, /EqualOcean/ - On January 22nd, iYiou reports that the latest funding of Hetao 101 (核桃编程) led by Hillhouse Capital Group has been closed a few months ago. The funding amount is over CNY 10 million (CNY 67million), the exact figure has not been disclosed yet. More details regarding this round of funding will be disclosed after the Lunar New Year, Hetao101 says.
Hetao 101 was founded in July 2017 and closed two rounds of funding in 2018. In March 2018, it received around CNY 10 million funding backed by XVC, Next Capital (嘉程资本), Hike Capital (山行资本) and Femtosecond capital (飞秒资本) on Pre-A round. In July 2018, it received another CNY 10 million+ funding backed by SourceCode Capital (源码资本), XVC, Encore Capital Group (as Financial advisor). Neither rounds of funding have disclosed exact figures.
Hetao 101’s main business is to provide basic online coding programs to kids aging 7-12. It charges CNY 99 for five sessions. It currently offers 4 programs, which are listed below:
It claims that its program was designed according to CSTA (Computer Science Teachers Association), a membership organization that supports and promotes the teaching of computer science. According to its website, 60% of its team members hold master degrees or above and 55% of them have studied abroad. Its teaching staff mainly majored in Computer Science, Education, Child Psychology and Childhood Education.
One of its competitors also backed by Hillhouse Capital Group in the Chinese market is Codemao (编程猫), providing online programming coaching for kids. Codemao has developed its own programming language Kitten, while most programming courses provided by Chinese child coding institutions are based on Scratch. Recently, Codemao raised approximately CNY 600 million (USD 88.2 million).