Chinese coding education startup Codemao raises $198m led by Baring PE, others

Codemao

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. 

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.