China Digest: UCommune backs TechNode round; VIPThink raises Series B

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China’s online technology and entrepreneurship news platform TechNode has raised tens of millions of RMB in pre-Series B while Chinese online math platform VIPThink secured hundreds of millions of yuan in its Series B financing.

China’s TechNode raises pre-Series B

China’s online technology and entrepreneurship news platform TechNode has raised tens of millions of RMB in its pre-Series B round, according to an announcement.

Co-working operator UCommune and investment firm XCGT Holding Group participated in the round.

TechNode, which was set up in 2007 by Dr. Lu Gang, will use the fresh funding to increase its global outreach with international technology innovation as its core strategy, as well as accelerate the expansion of its global influence through media, branding, and data-sourcing.

TechNode has worked closely with many key players in various industries, including CITIC Group, Fung Group, BMW China, Merck Group, and Unilever.

UCommune was established by Dr. Mao Daqing in April 2015 and is the first co-working unicorn in China. Through this investment, the strategic cooperation between UCommune and TechNode will be strengthened.

China’s online math platform VIPThink raises Series B

Chinese online math platform VIPThink has raised hundreds of millions of yuan in its Series B financing led by US-listed English training company New Oriental Education, 36Kr reported.

Other investors including audio content platform Ximalaya, as well as venture capital firms DCM and Sinovation participated in this round.

Established in 2016, VIPThink targets kids in the 3-8 age group, selling live-broadcast math lessons to their parents.

The Guangzhou-based online math platform markets its courses via e-commerce channels, online communities and also hires sales representatives for face-to-face promotions.

The startup’s revenue increased from 300,000 yuan ($41,793) in July 2018 to 28 million yuan in May this year.

Most recently, Beijing-based online education platform Huowa has raised $85 million in a Series D funding round led by GGV and KKR.