New Oriental Injects Hundreds of Millions in VIPThink
New Oriental one of China's education giants has lead VIPThink's series B round of funding.
Children's online mathematics thinking education brand VIPThink completed its B round of financing worth hundreds of millions Yuan, reported Jingmeiti. The round was led by New Oriental Education and Culture Industrial Fund (新东方集团联合新东方产业基金领投), followed by Ximalaya FM (喜马拉雅), DCM China, and Sinovation Ventures (创新工场).
The financing will mainly be used for teaching research upgrading, and product technology development, hence promoting the standard of online children's mathematics thinking.
Previously know as "Happy Seeds" VIPThink has raised a total of four fundings since it was founded back in 2016.
Minhong Yu (俞敏洪), founder and chairman of New Oriental Education and Technology Group, believes that "as the fastest growing brand of track, VIPThink has been polished for many years. The development rythm of the company is in line with investors' expectations for quality education products. This healthy development model will allow us to look forward to many more cooperations with the company and we will together bring better mathematics thinking education for children in China."
VIPThink was established in 2016 and focuses on the cultivation of online mathematical thinking, concentration and learning habits of children aged 3-8. Since the transition to online back in August 2018, VIPThink has maintained a monthly revenue growth rate of 100%. This year in May, the company's online single-month revenue reached CNY28 million, compared with CNY300,000 in the first month of the transition to online.