Codemao, a Chinese training center chain that teaches kids computer programming online, has pulled in CNY400 million (USD57 million) in C-round funding as it prepares to list on Shanghai’s new Star Market for innovative tech firms.
The Russia-China Investment Fund led the series with support from more than 10 institutions including Hillhouse Capital and Southern Publishing and Media, China News Service cited Codemao’s operator Shenzhen Dianmao Digital Technology as saying. Existing investors Crystal Stream and Cheetah Mobile also participated.
Codemao expects to list on the Star Market, a new board tailored specifically toward growth enterprises in the science and technology fields, within the next two years, Chief Financial Officer Zhang Wei said in January when the company closed its last funding round and hired an investment bank to assist with the public offering.
The school now has nearly 31.5 million students, the report added, citing Chief Executive Li Tianchi. Founded in 2015, the company swung into positive cash flow in March this year and earned CNY200 million in operating income in the first three quarters, he added, saying revenue has now doubled for eight quarters in a row.
The company, which caters to students between the ages of 4 and 16, has raised over CNY1 billion since its establishment. It will use the latest injection to increase product investment and upgrade its teaching systems, Li said.