Shenzhen-based online coding education provider Codemao said on Friday that it has pocketed 1.3 billion yuan ($198 million) in a Series D round of financing led by an affiliate fund of private alternative investment firm Baring Private Equity Asia (BPEA).
The corpus raised by Codemao in the latest round is the largest funding in China’s coding industry, the company announced on WeChat on Friday.
A clutch of new investors participated in the round, including Bank of China’s BOC International Holdings, state-owned CITIC Group’s CITIC Securities, CITIC Securities’ PE arm Goldstone Investment, Wens Investment, alternative asset management firm Sino-Ocean Capital, Greater Bay Area Homeland Investments, and Youshan Capital.
The latest round was also joined by existing investors Asia-focused PE firm Hillhouse Capital, China Merchants Bank’s CMB International, Bank of China’s sub-fund Bohai Zhongsheng, and Guangdong Technology Financial Group.
CMB International along with Bohai Zhongsheng, Technology Financial Group, and Sharewin Investment had collectively pumped 250 million yuan ($38 million) in Codemao’s Series C+ round earlier in April 2020.
Prior to that, Codemao had closed funding rounds from Russia-China Investment Fund, SAIF Partners, China Everbright Limited, Crystal Stream, and GreenPine Capital Partners, among others.
Managed by Shenzhen Dianmao Technology Limited, Codemao delivers next-generation online coding courses to students aged between four and 16 years. With an aim to encourage students to explore the fun of programming in interactive ways, the five-year-old Codemao has developed a pipeline of proprietary courses, and software such as Kitten Editor, Turtle Editor, Box, Rokrok Editor, and Future Classroom.
It also claims that it offers programming solutions to over 17,000 public schools, universities, and education training organisations such as Tsinghua University, The University of Hong Kong, and High School Affiliated to Fudan University.
Codemao has so far booked over 200 million yuan ($30 million) in monthly earnings, with nearly 50 per cent registered users located in China’s less-developed cities.
China’s edtech industry has seen a surge since the COVID-19 outbreak, and is projected to reach almost 453.8 billion yuan ($69 billion) with a user base of 309 million in 2020, up 12.3 per cent from 2019, according to Chinese market research firm iiMedia Research.