(Yicai Global) April 14 -- In a sign of confidence in the future of online education, investors made available tens of millions in A-round financing for the provider of online education platform K12's "leo 1 v 1". The financing was completed by China Capital Investment Group (CCIG). The specific amount of financing and valuation have not yet been disclosed, the internet media outlet Jiemian.com reported.
Previously, the company received pre-A round of financing from venture capital firm GGV Capital in 2015. The current round of funds will be used to optimize the teaching management platform, teaching and research, and for the expansion of teachers, said the company CEO, Ye Qianqian.
Leo 1 v 1 business focuses on online courses and study counseling, featuring "full-time teachers." The platform currently has more than 1,800 registered teachers, 30 percent of whom are in full-time teaching.
Leo 1 v 1 admission price per student is CNY9,000 (USD1,310) compared with CNY5,000 last June. "Market costs for each student account for 25 percent of the total cost," the company COO Xie Ruyi said.