The penetration rate of the online education industry continues to increase thanks to COVID-19.
Codemao, a company that teaches children how to code using online channels, announced the completion of a staggering CNY 1.3 billion. This marks the largest financing ever raised by a children's programming education firm in a single round, which further consolidates the industry's position Codemao in the industry.
The mammoth of a round was led by a fund Baring Private Equity Asia, followed by CITIC Securities Investment, Goldstone Investment, Youshan Capital, Guangdong Wenshi Investment, Sino-Ocean Capital, Bank of China International, etc., Old shareholders such as Hillhouse Capital, CMB International, Bank of China also participated in the round.
At present, according to other media outlets Codemao's monthly revenue has exceeded CNY 200 million with users in third- and fourth-tier cities accounting for nearly 50%.