Hao, DCM, Baidu provide Series C for Beijing Wanxue Education

Financial terms were not disclosed but the investment amount is understood to be about RMB100 million ($16 million).

The company received $16 million in its previous round from DCM, Sequoia Capital, Legend Capital and F&H Fund Management in 2011. It also raised $20 million from Sequoia and Legend in 2008, AVCJ Research's records show.

The new round of financing will be used to grow Wanxue's online business and develop its cloud-based learning portal.

Founded in 2006, Beijing-based Wanxue specializes in test preparation services for postgraduate entrance examinations and civil service examinations, which it offers in 25 cities in China.

"Wanxue has a market-leading position in China and is the recognized leader with an impressive track record in market share, service quality and technology," Kenneth Yan, principal of Hao Capital, said in a statement. "With its nation-wide coverage and established technology we are confident that Wanxue is well-placed to address the growing demand for online education."

Earlier this week, online education platform Yuantiku raised $15 million in a Series C round from existing investors IDG Capital Partners and Matrix Partners.

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• Topics
• Greater China
• Venture
• Technology
• Expansion
• China
• Education
• TMT
• Hao Capital
• DCM-Doll Capital Management
• Baidu
• Venture