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Online Lifestyle Media and Education Platform 'Read at Ten' Wins RMB 60 Mln Series A

Ctsbw.com, 1/04/17

Xiamen-based Shidian Cultural Communication, operator of online and mobile lifestyle media and education platform "Read at Ten," has completed RMB 60 mln Series A funding led by Qingke Lingxie Investment Management, and with participation from Weiying Capital and SAIF Partners. The funding will primarily be used to recruit an operations team in Beijing.

Read at Ten provides lifestyle articles and media, an e-commerce store, an audiobook listening platform, and a life and beauty online course platform. Read at Ten is accessible via its mobile app and public accounts on Tencent's (0700.HK) WeChat mobile messaging app and microblogging platform Weibo (Nasdaq: WB).

The company's B2C e-commerce store is self-operated and sells various literature-related products. Users spend an average of RMB 200 per transaction on the e-commerce store.

Read at Ten's online course platform covers life, beauty, and other related topics. The average price per order is in the RMB 69-99 range. A bestselling psychology course has sold more than 70,000 times.

Shidian, founded in May 2014, previously won RMB 3 mln angel funding from Shixiangjia New Media Fund.

Keywords: Shidian Cultural Communication Read at Ten funding Series A Qingke Lingxie VC e-commerce m-commerce wireless online information service mobile information service online education mobile education Internet SAIF Weiying Capital audio book lifestyle

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