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China: Gaosi Education Group raises $140m

Beijing-based education services provider Gaosi Education Group has raised $140 million in a fundraising round, led by private equity investor Warburg Pincus.

When founded in 2009 Gaosi operated extracurricular education centres for primary and middle-school students. In 2014, it moved towards providing products and services to other extracurricular centres, especially in smaller cities. Gaosi still operates around 55 centres in Beijing.

The funding will mostly be spent on product research and development. The company also announced a strategic partnership with Tencent Holdings’ cloud computing unit to develop technologies for the education sector.

Gaosi founder and chief executive Xu Jicheng said: “The fundraising amount is one of biggest in history for educational firms who provide services for corporate clients in the field of K12 education.”

Gaosi’s last fundraising was in 2017 and valued the company at ¥4 billion yuan (£460 million). Gaosi has gone through three rounds of investment worth around $180 million and involving investors including China International Capital Corp and former Google China head Kai-Fu Lee’s Sinovation Ventures.

Posted on: 24/04/2019

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