The news was announced by the children's online mathematics firm at a strategy conference held in Beijing on November 5, 2020.
The USD 180 million round was backed by SoftBank Vision Fund, and the chairman of Aofei Entertainment Cai Dongqing Family Fund, New Oriental, DCM and Innovation Works.
VIPThink also announced a formal merger with Magic Ears, a brand that provides online English small classes to 5-12-year-olds. The company will also spend CNY 100 million to enhance the Magic Ear's learning experience further.
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 CNY 28 million, compared with CNY 300,000 in the first month of the transition to online.
To date, VIPThink has obtained a total of four rounds of financing. In September 2019, the firm completed Series B worth hundreds of millions of yuan led by industry leader New Oriental Group and well-known investors such as DCM Ventures, Sinovation Ventures and Ximalaya(喜马拉雅).