Morningside backs China mathematics teaching start-up

The start-up confirmed the funding round on its official Weibo microblog. The fresh capital will be used to expand its teaching services to cover more school subjects.

Founded in March of last year, Leleketang focuses on mathematics and Chinese languge tuition for primary school students. It also provides mobile apps through which students can study related subjects.

It marks the first investment for Morningside in the K-12 online learning space, Richard Liu, managing director of the VC firm, told local media. He said the learning platform's high quality content and services were the main attraction when deciding to invest.

According to iResearch, China's online education industry generated RMB83.9 billion ($13 billion) in revenue in 2013 and will reach RMB173.39 billion in 2017.

In the K-12 space, 17zuoye.com raised $100 million in a Series D round led by H Capital earlier this year, with participation from Singapore's Temasek Holdings, DST Advisors and Shunwei Capital Partners.

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• Topics
• Greater China
• Venture
• Technology
• Expansion
• China
• Venture
• Education
• Technology
• Growth capital
• Morningside Technologies
• TMT