Meishubao Education, a Chinese online art education platform, announced that it has raised $210 million in a Series D financing round led by private equity firm TPG Capital’s global impact investing platform The Rise Fund.
Other investors including Fortune Capital, Winsdom Capital, SAIF Partners, Bojia Capital, and Chuangzhi Capital also participated in the round, according to a statement.
Founded in 2014, Meishubao focuses on the field of art and delivers online art courses to over 5 million registered users across about 160 countries and regions worldwide. Of the over 5 million, more than 500,000 are paying users. The Beijing-based company is committed to using science and technology to promote the progress of art, integrating digital technology into teaching, and building a new environment for aesthetic education.
Meishubao has developed three major products including an online art education platform targeting children named Meishubao One-On-One, a smart campus app called Weixiao, and Meishubao, an art education app targeting art students and amateurs. Its online platform connects over 20,000 professional teachers, giving classes to users largely aged between three and 18. The company currently has a team of nearly 1,000 R&D and production staff.
Gan Ling, Founder and CEO of Meishubao, said in a statement the new proceeds will be used for curriculum development, channel and market expansion, product and service upgrades, branding, as well as online and offline business integration in the industrial internet area.
The latest funding round follows Meishubao’s Series C round which was closed in July 2020. The round comprised two tranches of capital injections, including a $40-million Series C1 round in June 2019, and a $40-million Series C2 round this July. Both of the two tranches were led by Tencent Holdings.