Codemao, a Shenzhen-based tutoring platform focusing on teaching computer coding, has raised 1.3 billion yuan ($198 million) in its series D funding round led by a fund affiliated to Baring Private Equity Asia.
The financing round was also joined by Citic Securities, Hillhouse Capital, BOC International, Gold Stone Investment and Sino-Ocean Capital, among others, Codemao said in a WeChat post released on Friday.
Established in 2015, Codemao initially focused on developing programing tools for children aged between 4 and 16, and then expanded its business to computer programming training in partnership with schools and universities. The company also provides online one-on-one programing courses.
Youth-focused programing education platforms have become the darlings of investors in China since the government released its New Generation Artificial Intelligence Development Plan in 2017, which stipulates that programing courses should be included in primary and middle school curriculums. The plan is an integral part of Beijing’s strategy of turning China into the world’s leading AI power by 2030.
So far, Codemao has been able to generate average monthly revenue of more than 200 million yuan, with approximately half of its customers coming from third- and fourth-tier Chinese cities, according to the post.
Codemao’s last financing round took place in April, when it raised 250 million yuan from a group of investors led by CMB International, which pushed the company’s valuation to 3.5 billion yuan.
In January last year, Codemao’s chief financial officer Zhang Wei said that the company planned to go public on Shanghai’s STAR Market, the Hong Kong Stock Exchange or the Nasdaq within two years.
Contact reporter Ding Yi (firstname.lastname@example.org)
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