Chinese online art tutoring platform secures $40m
Meishubao, China’s leading online art education platform, has raised $40 million in an extended Series C round led by Tencent Holdings.
Shunwei Capital, BlueRun Ventures, BHG Long Hills Capital, and Chuangzhi Capital also took part. It takes the company's total funding to RMB800 million ($114 million) across six rounds, the most raised in China's art education industry.
The first tranche of Meishubao's Series C, also led by Tencent, closed at $40 million last year. BlueRun and Shunwei were the first investors, contributing RMB30 million in 2014. This was followed by three-tranche Series B. The first two, amounting to RMB100 million, closed in 2015 and 2016, respectively. BHG Long Hills Capital then led the $15 million third tranche in 2018.
Meishubao operates five brands and serves 200,000 paying users across 94 countries and regions. It has more than 20,000 art teachers on its platform. Average monthly revenue has reached RMB200 million in 2020, a more than threefold increase on the previous year.
The company was initially an online community for students preparing for the painting section of the art college entrance examination. It developed an app to host discussion forums and question-and-answer sessions. The app also catalogs photos and videos on art-related topics as well as offering information on global art schools and art teachers.
In 2017, Meishubao launched a software-as-a-service (SaaS) platform for offline art education institutions. It helps with student enrollment and course development. In 2018, a one-to-one education service was launched - essentially a painting-oriented version of VIPKid that targets parents who want their children to have a more rounded education.
The service has since been expanded to include small-class online painting programs, matching the offering of industry rival Hualala. And this year, Meishubao introduced an artificial intelligence-enabled interactive class called Xiaoxiongmeishu or Little Bear. Revenue totaled RMB30 million in the first three months.
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