Tencent-backed Chinese edtech startup bags $210m in round led by TPG’s fund

Meishubao, a Chinese online arts education platform, announced that it has secured US$210 million in a series D round led by TPG Capital’s Rise Fund.

Fortune Capital, Winsdom Capital, SAIF Partners, Bojia Capital, and Chuangzhi Capital also participated in the fundraise.

Photo credit: Meishubao

Founded in 2014, Meishubao applies artificial intelligence and augmented reality to provide online arts lessons for users aged between three and 18 years old.

The new funds will be used for curriculum research and development, said Meishubao CEO and founder Gan Ling. The startup is also looking to expand its market, make product improvements, build its brand, and combine its online and offline businesses.

The company claims that it has nearly 1,000 employees and over 20,000 teachers on the platform. It currently has over 5 million registered users and a total of 500,000 paying users across 160 countries around the world.

Meishubao said it has raised 2 billion yuan (US$306.3 million) in total to date. The latest investment comes after it closed US$40 million in a series C+ round in July, following a US$40 million series C1 fundraise in June 2019. Both rounds were led by Tencent.

China’s online education market got a boost following the Covid-19 pandemic.

Major players in the country’s edtech scene include Yuanfudao, which closed US$1 billion in a series G round led by Hillhouse Capital in March and was valued at US$7.8 billion, as well as Baidu-backed Zuoyebang, which raised US$750 million in a series E round in June.

Currency converted from Chinese yuan to US dollar: US$1 = 6.53 yuan.