(Yicai Global) Nov. 20 -- Codemao, a Chinese platform dedicated to teaching programming to children, said it has completed the sector’s largest-ever single fundraiser.
Codemao raised CNY1.3 billion (USD198 million) in a Series D financing round, the Shenzhen-based startup said on its official WeChat account today. It has so far banked a total of about CNY2.6 billion.
The latest investment was led by a fund affiliated with Barings’ Asia operations, followed by Citic Securities, Hillhouse Capital, Sino-Ocean Capital, Guangdong-Hong Kong-Macao Greater Bay Fund and others.
MIT Technology Review, a magazine owned by the Massachusetts Institute of Technology, added Codemao to a list of the 50 smartest companies in China yesterday, along with Tencent Holding, Huawei Technologies, Alibaba Cloud, Xiaomi, Meituan, and Tesla.
Founded in 2015, Codemao focuses on developing programming tools for kids aged 4 to 16. Monthly revenue already exceeds CNY200 million (USD30.4 million), with nearly half of its users in China’s third- and fourth-tier cities. The platform also has over 600 brick-and-mortar learning centers and has collaborated on curriculums with 17,000-plus public schools, covering more than 200 municipalities.
Shenzhen Dianmao Technology, the company behind Codemao, said it will continue to focus on improving technology, content development and building talent teams.
Editor: Peter Thomas