Chinese online music education platform VIP Peilian announced that it has raised $150 million for its Series C round led by Tiger Global, it said in an announcement on November 2.
Other investors that participated in the round include existing backers Tencent Holdings, Orchid Asia, GSR Ventures and Bluerun Ventures. According to a report by 36Kr, the funding round is the largest raised in the music education sector in China.
“VIP Peilian hopes to make every practice count. We will continue to leverage artificial intelligence and data to enable more students, parents and teachers in the music education segment,” said VIP Peilian founder and CEO, Ge Jiaqi.
He added that VIP Peilian’s monthly revenue has exceeded RMB80 million ($11.61 million) and revenue for 2018 is expected to be RMB500 million ($72.56 million).
GSR Ventures managing director Allen Zhu commented: “The entry point of VIP Peilian is very good. Practicing is the biggest pain point of music learning. This demand is very rigid and ‘painful’ enough. The team and the product have improved rapidly so we believe that there is still huge room for growth in the music education market.”
Founded in 2014, VIP Peilian provides one-to-one online music tutoring services for children between age 5 to 16. It claims to have more than 500,000 users on its platform, which is available in 33 countries. The platform raised a Series B round this January, and the amount raised is said to be about RMB200 million ($29 million).