Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
Alibaba’s Zhang Yong Tops 2020 Forbes China Best CEOs List
Trending: Family Feud Raises Big Questions Over Succession in China’s Multi-Million “Family” Businesses
Shanghai-Listed Foxconn Internet’s Cloud Service Sales Up 4% in First Half of 2020
U.S.-Listed Chinese Companies Nio and Huya Have Something to Cheer About
Apple Edges Huawei Out of No. 1 in Quarterly Tablet Shipments
Chinese Finance Platform Lufax Files for U.S. IPO of up to $3 Billion
China Mainland Leads U.S. in Fortune Global 500 Companies But Trails in Profitability
Trending in China: Tencent – Fighting Youth Unemployment or Enemy of Older Workers?
Tencent Pushes for Merger That Would Create $10 Billion Chinese Twitch
Tencent Music to Establish Joint Venture with Universal Music
Trending: How U.S.-China Relations Are Causing Netizens to Read the Small Print as Rumors Fly
Qualcomm Lobbies U.S. to Resume Chip Sales to Huawei
Trending in China: Excited About Returning to College Campuses? Not So Quick With Covid-19 Controls
Twitter Joins Microsoft as Another Possible Purchaser of TikTok’s U.S. Business: Report
Electric-Car Maker XPeng Files for U.S. IPO
Xiaomi Still Top Dog in Indian Smartphone Market Despite Tensions
Trending in China: Can You Really Launch a Company Without Saying What it Does?
China’s WeWork rival Ucommune withdraws $100m US IPO, eyes backdoor listing
SMIC Profits Soar to $138m in Second Quarter
Foldable Phone-Maker Plans Shenzhen IPO, Dispelling Rumors of U.S. Listing
Tencent Leads $40 Million Investment in Online Art Educator

By Ding Yi / Jul 10, 2020 04:31 PM / Finance

Photo: VCG

Photo: VCG

Chinese online drawing education startup Meishubao has secured $40 million in its series C+ funding round led by Tencent, which is also behind some of China’s better-known online educators including VIPKid and Yuanfudao.

Investors including Shunwei Capital, BlueRun Ventures and BHG Long Hills Capital Management also participated in the new investment round, which takes the total capital raised by Meishubao to 800 million yuan ($114 million).

The latest funding of Meishubao, whose name means “Art Treasure” in Chinese, takes place against a backdrop of investors showing particular interest in the online education business as the coronavirus pandemic has kept most Chinese schools closed and forced students to take online courses.

Meishubao founder and CEO Gan Ling said in a statement Thursday that the fresh capital will be used for product updates, course development and team building.

Since its establishment in 2014, Meishubao has rolled out a line of products including an online community which helps high school students who are intending to pursue an art degree at university, and online custom-designed painting courses targeted at children aged between 4 and 12. In 2020, the firm cashed in on the big artificial intelligence wave by launching new drawing courses which it says are powered by augmented reality and virtual reality.

Meishubao claims to have served nearly 10 million users across 94 countries and regions, with a faculty of 20,000 art teachers and more than 200,000 active paying users.

Contact reporter Ding Yi (yiding@caixin.com)

Related: Chinese Online Educator Zuoyebang Receives $750 Million Investment


Share this article
Open WeChat and scan the QR code