(Yicai Global) Oct. 30 -- English education provider Acadsoc.com.cn, run by Shenzhen Guangze Shenghui Technology Co, secured nearly CNY100 million (USD15.04 million) in B+ funding, which it will use to accelerate upgrades of its products and services, the firm said today.
Shenzhen Capital Group Co. led the round, backed by more than ten institutions, including IDG Capital Partners, Shenzhen Talent Fund and others.
Acadsoc was founded in 2011 and offers Filipino, European and American teachers for one-to-one language tuition. The platform currently manages 3,000 full-time foreign teachers, over half of which are from the Philippines, and has a repurchase rate of nearly 90 percent, with customers typically spending under CNY10,000. More than half of users are children aged five to 10 years old, though it also offers corporate training.
The company uses a full-time employment system for its Filipino teachers, whereas those from elsewhere work part time. Full-time teachers need to study set teaching materials and undergo teacher training as well as deliver their lessons.
Acadsoc will not deliberately seek users at the top of the consumption pyramid, said its founder and chief executive, Anson Wong. It will aim to provide high quality education products at a low price based on social demand, he added.