(Yicai Global) May 3 -- A Chinese startup that teaches children how to code has bagged USD20.4 million (CNY130 million) in B-round funding, led by Welight Capital and Eastern Bell Venture Capital, along with contributions from Yonghua capital.
Nanjing Xiaomawang Education Technology Co.’s funding round represents the largest single financing in the field of children’s programming, news site 36Kr reported, adding that its valuation has reached USD100 million.
“Xiaomawang’s founding members come from a US-listed technology education group and have built a set of stepwise course systems suitable for children,” said Wu Xiaoguang, founding partner at Welight Capital. “Our investment team conducted interviews with a large number of users during the investment process and found that Xiaomawang is favored by children in terms of the hardware design, teaching environment and teaching experience.”
The firm will be used to continue curriculum development, finish its online service platform, improve operations quality, launch online programming courses from May, and continue to expand teaching staff.
With nearly 10,000 students distributed in 20 campuses nationwide at present, Xiaomawang aims to ramp up its presence to 50 campuses and recruit 20,000 to 30,000 students this year.
The firm received tens of millions of yuan in financing from Yonghua Capital last July.
Editor: William Clegg