Beijing-based Dami Technology, operator of online and mobile one-on-one children's English language education platform Vipkid, has secured USD 200 mln in Series D funding led by Sequoia Capital and internet and mobile services firm Tencent (0700.HK), and with participation from Yunfeng Capital, Matrix Partners China, ZhenFund, and ZTwo Capital. Yunfeng Capital is an investment firm co-founded by Jack Ma, chairman of Chinese e-commerce conglomerate Alibaba Group (NYSE: BABA).
Vipkid also announced the launch of Lingo Bus, a Chinese language course aimed at children living overseas, the course structure of which is essentially equivalent to Vipkid's English courses. Since trial operation began in June, Lingo Bus has gathered more than 100 teachers and 1,000 students across more than 20 countries.
Vipkid, founded in 2013, previously won USD 100 mln in Series C funding led by Yunfeng Capital with participation from Sequoia Capital in August 2016.
Vipkid's July revenue broke RMB 400 mln, bringing total operating revenue for the first seven months of the year to over RMB 2 bln, which is ten times higher than revenue from the same period last year, said the company. Based on current growth estimates, Vipkid predicts it has a chance to top RMB 5 bln in revenue for the year.