(Yicai Global) Aug. 24 -- VIPKID, online education firm that specializes in children's English education business, has completed its D-round financing, receiving USD200 million. The company which has Tencent as strategic investor attracted some big venture capital firms in this round of financing.
Vipkid announced the completion of its D-round financing yesterday, receiving USD200 million financing, online media outlet Jiemian News reported. It was led by Sequoia Capital China, followed by Tencent as a strategic investor, and long-term shareholders such as Matrix Partners and Yunfeng Capital.
The company said the money will be used to strengthen its home-grown teaching materials, bring in quality teachers from North America and improve product technology. It also aims to promote the Chinese platform business. Vipkid will launch a children's project entitled "Lingo Bus," the statement said.
Vipkid founder and CEO, Mi Wenjun, said the company got the best financing result in the industry in this period, proving that the education sharing model has been very successful around the world. Vipkid looks forward to working with strategic partners to give a better-personalized learning experience to children from around the world, Mi added.
Publicly available information shows that Vipkid has grown in the field of online children's English education thanks to its online one-to-one teaching through North American teachers. Vipkid says it currently has more than 20,000 North American online teachers with more than 200,000 paying students around the world. The company posted a monthly revenue of CNY400 million (USD60 million) last month for the first time, saying it expects an annual revenue of CNY5 billion.