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VIPKid Raises $80 Million in Series A financing round

VIPKid

VIPKid, one of the world’s leading education technology companies announced that its Dami Wangxiao (Dami Online School) brand has completed an $80 million Series A financing round led by Tencent Investment, Sequoia Capital China and Hammer Capital. Dami Wangxiao’s new online classroom model will offer live-streaming courses on English and mathematics to primary school and higher grade students.

In addition to VIPKid’s signature one to one (1:1) offering, Dami Wangxiao is an innovative combination and enhancement of VIPKid’s one to many classroom product and its one to six (1:6) classroom product. The effective combination of various class formats and student experiences will help to enhance children’s mathematics, grammar, reading, writing, listening and speaking skills. The launch of Dami Wangxiao is in parallel to and complements the hugely successful one to one product, VIPKid, which was very recently honored by Glassdoor in its Best Places to Work in the U.S. in 2020 list, ranked number 9 out of 100 in the United States.

Cindy Mi, Founder and CEO, VIPKid said, “VIPKid launched Dami Wangxiao to meet the needs of our more than 700,000 students. With an increasing number of our students entering higher grades in school, their needs for online education are increasing and more diversified and with the launch of Dami Wangxiao, we will create a new model to drive even better learning experiences and learning results for students.”

Tencent Investment, Sequoia Capital China, and Hammer Capital jointly led the $80 million Series A investment round.

Chris Yu, Managing Director of Tencent Investment said,”The launch of Dami Wangxiao will further meet the growing demand for online education from Chinese parents. In its six years of development, VIPKid has become the leader in the one-on-one online English tutoring field. As an investor, Tencent is optimistic about the future of VIPKid and its product Dami Wangxiao.”

Jia Zhai, Managing Director, Sequoia Capital China said,“Online education is entering a new chapter with two driving factors of market demand and competition. With six years’ expertise in this space, VIPKid has profound understanding of the market, which helps it quickly react to the evolving user behavior and gain more trust and support from users. I also believe the capable and professional management team will lead Dami Wangxiao to take on user pain points through high-quality classroom offerings, forming a full-fledged model to tackle demand for both liberal arts and exam-oriented education.”