Tiger Global leads round for China online music tuition business
VIP Peilian, a Chinese online music education platform, has raised $150 million in a Series C round of funding led by Tiger Global Management.
Existing backers Tencent Holdings, GSR Ventures, BlueRun Ventures China, Long Capital, and Orchid Asia all re-upped, while BHG Long Hills Capital came in as a new investor. The company received seed funding from BlueRun in 2014, followed by a $100 million commitment from GSR in 2016 and an investment of undisclosed size from Long Capital in 2017. Earlier this year, Tencent and Orchid led a Series B round that also featured several existing investors.
Founded in 2015, the company provides one-on-one online music tuition to students aged 5-16. Through digital cameras, teachers observe students playing piano, violin, accordion or Chinese zither, and offer immediate feedback. The company has served more than 400,000 users from 30 countries and its average monthly revenue is RMB80 million ($11.5 million).
Music and the arts have historically been less of a priority in China's education system, but parents increasingly want their children to have a more rounded education and this has driven demand for out-of-school activities in these areas. Last month, BHG Long Hills led the third tranche of a Series B round for Meishubao, an online art tutoring services provider that is benefiting from similar tailwinds.
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