NYSE-listed New Oriental Education & Technology Group Inc has led a RMB90 million ($13 million) funding round in Kaishuo Jianggushi, a provider of stories content for children, according to China Money Network.
The report cited that investors are interested in this funding round as Kaishuo Jianggushi is part of a new generation of content and knowledge-sharing platforms emerging in China. Zhihu, a knowledge sharing platform, raised $100 million series D in January as well as Shanghai Baijiulin secured RMB160 million ($23 million).
The three-year-old company claims that it has six million users on its content platform through a WeChat public account, a mobile app and audio shows. It targets to generate the revenue of RMB200 million ($29 million) this year.
New Oriental is the largest private educational services in China. In the report released by Goldman Sachs on May 16, it upgraded New Oriental’s shares from a neutral rating to a buy rating. Many institutional investors including Comerica Bank, Greenwoods Asset Management and First Personal Financial Services also recently boosted their stakes in New Oriental significantly.