China VCs lead $100m round for local education app Xueba

Trustbridge Partners, Vertex Ventures and Qiming Venture Partners, as well as strategic investors Anhui Xinhua Media and Yada Education, also participated.

Founded in 2013, Shanghai-based Xueba allows secondary school students to use their smart phones to take a picture of homework exercises and upload it to an online platform. The exercises are assessed by teachers who then provide answers and analysis to each question. The platform can also provide additional exercises.

AVCJ Research's records show Xueba raised an angel round from Sinovation Ventures, previously known as Innovation Works, in 2013, and a $5 million Series A round from Vertex Ventures in 2014. One year later, Qiming and Trustbridge led a $50 million Series B round for the company.

The new capital will go towards developing artificial intelligence technology and improving students’ learning experience.

China Merchants Capital, a subsidiary of China Merchants Group, was founded in 2012. As of the end of last year, the unit had total assets of RMB240 billion ($35 billion).

Grand Flight is an investment arm of Hong Kong-listed financial services group Far East Horizon. It focuses on healthcare, education, advanced manufacturing, logistics and cleantech. As of April 2016, investment totaled $200 million, with portfolio companies including car maintenance platform Tuhu and financial payment services provider YeePay.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Greater China
• Consumer
• Expansion
• Technology
• China
• Education
• TMT
• Venture
• Trustbridge
• Qiming Venture Partners
• Vertex Management (II)