Chinese traditional culture learning provider Qin-han Hutong Education has secured a total of 150 million yuan ($21 million) in a Series B round of financing led by Mingde Chuancheng, according to a company statement.
The current round comes a year after Qin-han raised 100 million yuan ($14 million) in a Series A round led by private equity firm V-Capital in 2018.
Qin-han will use the proceeds to spruce up its online and offline businesses.
The Shanghai-headquartered educator offers about 20 classic Chinese culture courses for children aged 4-12. These courses include calligraphy, painting, chess, zither, pipa, erhu, and tea ceremony.
Since 2002, Qin-han has set up nearly 70 education centres in the first and second-tier cities. In 2019, it recorded approximately 400 million yuan ($56 million) in annual revenue.
Founded in 2018, Mingde Chuancheng is into education consulting. Fotile, one of China’s largest kitchen appliances suppliers, is the second-largest shareholder in Mingde.
CHINA DEAL MONITOR
DealStreetAsia has also put together a table listing out all prominent venture capital transactions in the Greater China region on March 25, 2020.
