Centurium leads $100m Series D for China's Yunxuetang

The company claims to be the best-funded start-up in China's corporate training space, having raised $200 million across six rounds. In 2018, Yunfeng led a $50 million Series C round. This followed a $22 million Series B, led by SIG, and a Series B extension of RMB70 million ($10 million) from Ximalaya, a leading local audio streaming platform.

Founded in 2011, Yunxuetang provides end-to-end training solutions including a software-as-a-service (SaaS) platform called Xunxing, teaching materials, and related services such as customized program development. It claims to serve thousands of large corporates and nearly 30,000 small and medium-sized enterprises (SMEs). Customers include Tong Ren Tang, Lenovo, ByteDance Technology, Meituan Dianping, and China Construction Bank.

“Yunxuetang’s business model of integrating SaaS, content and services significantly increases the efficiency and quality of its clients' staff training efforts and we are confident of the growth in China’s business service sector,” said Gary Liu, an executive director at Centurium.

The private equity firm cited industry reports estimating the country's corporate training industry was worth RMB294 billion in 2018. While substantial in size, the space remains fragmented, without clear market leaders. This is expected to provide ample opportunities for consolidation.

Ting Gong, a partner at SIG, added that corporate training is one of the largest verticals within digital enterprise. Yunxuntang has leveraged first-mover advantage to establish a leading position, he said.

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• Topics
• Greater China
• Expansion
• Technology
• China
• Yunfeng Capital
• SIG
• Centurium Capital
• Growth capital