Huohua Siwei has raised $400 million in a Series E funding round in which it was valued at $1.5 billion, the latest beneficiary of an influx of capital into China’s booming ed tech market.
The online maths and science platform completed the fundraising through three tranches within five months.
The round was led by private equity house Trustbridge Partners and saw participation from existing investors, including Tencent and Hike Capital.
Huohua Siwei in October last year received $100 million in an earlier funding round in which The Carlyle Group and Yuanfudao, another Chinese ed tech unicorn, participated. Just a few months prior, in August, Huohua Siwei collected $150 million in a round led by private equity behemoth KKR.
The latest capital raise comes as Huohua Siwei is plotting a US initial public offering through which it could raise as much as $500 million, according to a recent report by Bloomberg.
Date published: 26 January 2021