Dingdong Ketang, an artificial intelligence (AI) driven online English language learning platform, has garnered $10 million in a Series B round of financing led by Cathay Innovation, Cathay Capital’s sub-fund to support digital entrepreneurs, according to a company statement.
Existing investors K2VC, CCV and Xiang He Capital also participated in the current round. Private equity firm Hunger Capital acted as a financial advisor to the deal.
The deal comes at a time when online education is witnessing increased demand and traction from users amid the coronavirus outbreak.
Founded in 2014, the Shenzhen-headquartered Dingdong offers intelligent English learning products for children in the 5-10 age group.
Prior to this financing, Dingdong had completed three rounds of funding from K2VC, CCV and Xiang He Capital in 2018 and 2019.
CHINA DEAL MONITOR
DealStreetAsia has also put together a table listing out all prominent venture capital transactions in the Greater China region on February 27, 2020.
|Startup||Headquarter||Investment Size (USD)||Investment Stage||Lead Investor(s)||Other Investor(s)||Sector|
|Dingdong Ketang||Shenzhen||10 million||B||Cathay Innovation||K2VC, CCV and Xiang He Capital||Ed Tech|
|Jicanchu||Shenyang||5.7 million||A+||Whales Capital||Huihe Capital, Scheme Capital, Hecai Fund, Aqua Ventures||E-Commerce & Internet Economy|
|Longmao Data||Beijing||4.8 million||Pre-B||Korean Investment Partners||GSR Ventures||AI/Robotics|
|AcKaM||Changzhou||* 1 million||-||Northern Light Venture Capital||-||Consumer & Brands|
|Yuyanji Technology||Chongqing||-||Strategic Investment||CR Capital||-||Blockchain|
* indicates that the company did not provide the specific size of the deal but only a range, such as “hundred millions of yuan.” In this case, we adopt the smallest number in the range, which is “100 million yuan ($14 million)” in the given example.