Huasheng leads round for China education site Zmlearn
Huasheng Capital, a private equity firm established by financial advisor China Renaissance, has led a Series C round of funding for Zmlearn.com, a Chinese K-12 online learning and teaching platform.
Financial terms were not disclosed but the round amounted to hundreds of millions in renminbi. The new capital will be used to add more education sector partners and expand market share.
Zmlearn plans to hire experienced teachers and education publishing companies to develop new teaching curriculums, Yi Zhang, the company's CEO, told Sina.com. It will also develop new software for teachers, with a view to reducing their workloads and improving efficiency in class preparation.
Zmlearn.com began as a platform offering one-to-one online education for high school students and has since expanded into the primary school and university education spaces. The company previously raised funding from Shenzhen Qianhai Qingsong Venture Capital, Shunwei Capital Partners and Shenzhen Fortune Venture Capital, according to AVCJ Research.
Several K-12 Chinese education start-ups have received funding recently. Earlier this week, Zuoyebang, an education mobile app that spun out from Baidu, raised a $60 million Series B round co-led by GGV Capital and Xiang He Capital. In May, Tencent Holdings committed $40 million for a minority stake in Yuanfudao, which is backed by CMC Capital Partners and New Horizon Capital.
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