CMC, AlphaX lead $84m round for China Gaosi Education
CMC Capital Partners and AlphaX Partners – a VC firm co-founded by Chuan Thor, formerly a managing director at Highland Capital China – have jointly led a RMB550 million ($84 million) round for Gaosi Education Group, a Chinese education and training institution.
According to a filing, CMC and Alphax each contributed RMB135 million. Other investors include Sinovation Ventures, China International Capital Corporation, Loyal Valley Innovation Capital and Hina Capital Partners.
Gaosi, founded in 2009, runs K-12 after-school teaching programs in the form of classroom instruction, one-to-one services, and online courses. The company employs 540 teachers and operates 20 teaching centers. It claims to have served more than 60,000 students since inception.
Gaosi raised over $10 million from Morningside Venture Capital in 2011 and received RMB400 million from JD Capital in 2015. In November last year, it listed on the National Equities Exchange and Quotations (NEEQ), also known as the New Third Board.
Gaosi generated RMB392 million in revenue last year, up from RMB272 million in 2015, while its net profit jumped from RMB23 million to RMB53 million.
With the new investment, Gaosi will improve its online education platform in terms of product offerings and technology, and also expand into new areas such as artificial intelligence and big data.
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