(Yicai Global) Oct. 31 -- Changingedu.com, a home and online teaching brand for primary and middle school students run by Shanghai Changing Information Technologies Co., has completed Series D financing of USD55 million.
Proceeds will mainly go to financing a teaching and researching system, technical research and development and an in-depth outline of online courses, Jmedia360.com reported.
Trustbridge Partners, Sequoia Capital, IDG Capital and Frees Fund participated in this round of financing. Changingedu has thus far completed cumulative financing of nearly USD200 million in the more than two years since its founding.
Changingedu will build a service-to-consumption platform for all-subject teaching and tutoring services for primary and middle school students, both at-home and online, said Liu Changke, the firm's founder and chief executive. More than 100,000 teachers have applied for registration with the Changingedu platform, which now has over 16,000 certified teachers registered complete with their tutoring service data.
Changingedu will complete its brand upgrade and strive to be a leading brand for online and at-home tutoring services for primary and middle students, and its core business will extend from home one-on-one tutoring services to at-home and online customized tutoring services. It will also offer online courses this year. Changingedu has consummated is business matrix in 30 cities, including Shanghai, Beijing, Nanjing and Hangzhou, he said.
China Industry Information Network estimated that China's K12 extra-curricular training market size will exceed USD107.5 billion (CNY 10 billion) by 2020, with the biggest and most rigid demand for all-subject tutoring services. After this round of financing, Changingedu will speed up its enhancement of K12 (kindergarten through twelfth grade) all-subjects online tutoring products and service experience.