Chinese edtech firm Huohua Siwei nets over $400m in Series E round

Online Education

Huohua Siwei, a Beijing-based online K12 platform for mathematics and science education, on Monday said it has closed its Series E round funding raising over $400 million. 

The platform completed the fundraising through three tranches within five months, the company said. 

The latest round funding, also known as Series E3 round, was led by global PE firm Trustbridge Partners and joined by existing investors including Tencent and Hike Capital.

In October last year, it garnered $100 million in its Series E2 round led by Tencent Investment with the participation from The Carlyle Group’s sub-fund and Chinese online education player Yuanfudao. In August 2020, Huohua Siwei collected $150 million in its Series E1 round led by KKR & Co. 

Lighthouse Capital facilitated the transaction. 

Huohua Siwei is also working with Credit Suisse Group AG and Goldman Sachs Group for its US IPO targeting to raise as much as $500 million, Bloomberg reported earlier this month. 

Led by co-founder Luo Jian, Huohua delivers AI-oriented online and interactive math and science courses for students aged 3-12. The platform is ramping up efforts to develop multi-disciplinary courses such as Chinese and English language learning. 

Huohua claims to have tens of thousands of registered students in China. Additionally, it had enrolled 250,000 students with 85,000 regular users on a daily basis, the company said late last year. 

Before its Series E round, Huohua had secured a $30-million Series D+ round from the Chinese video-sharing app Kuaishou in April 2020. Huohua was also backed by a slew of marquee backers including GGV Capital, Longfor Capital, IDG Capital, GSR Ventures, Northern Light Venture Capital, among others. 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.