Consumer Discretionary Author:Qasim Khan Jul 09, 2020 08:40 AM (GMT+8)

With little to no signs of schools reopening any time soon, online education companies are getting more and more attention.

Chinese edtech firms are on a spree of raising millions. Image credit: Sharon McCutcheon/unsplash

Online art education firm Meishubao announced today that it has raised a Series C+ round worth USD 40 million. This takes the total amount of funding raised by the company to USD 80 million over five rounds since 2015. It is reported that this round of financing is led by Tencent, Shunwei Capital, Bluerun Ventures, BHG Long Hills Capital and Chuangzhi Capital. 

Meishubao told EO Company that this round of financing will be used to further explore online quality education scenarios, product upgrades, curriculum development and internal team building in the future. 

Founded in 2014, Meishubao was initially an online education platform connecting high school art students and art training institutions. It offered art students online courses, critiques for paintings and information about art colleges.

Following the example of online K12 education companies, Meishubao has developed another platform dedicated to art education for children, which was named Meishubao 1to1. Different to its competitor Hualala Kids Art (画啦啦), it only provides one-to-one art courses targeting children aged 4 to 12. It is said the company will add one-to-many classes and AR animation courses as well this summer.