Zhangtong Jiayuan, a Chinese mobile internet interactive platform for early childhood education, has secured a US$100 million series D round of financing from Chinese private equity firm Centurium Capital.
Zhangtong Jiayuan, which literally means "bridging families in hand" in Chinese, was launched in 2014 by Chinese high-tech enterprise Xiamen Shenzhou Eagle Software Technology Co. to connect parents, kindergartens and pre-school teachers.
The platform initially acted as an online diary for teachers to share videos and photos of kids’ daily activities, and for parents to follow closely with the growth of their children. It then developed into a comprehensive education platform, providing a range of services like children’s growth records, parenting experience exchanges, kindergarten school management and introductory curriculum.
The platform currently provides services to over 80,000 early childhood education institutions in more than 2,100 counties and districts across China. It connects 30 million parent users and one million pre-school teacher users, according to the company’s website.
According to Chinese mobile internet data provider Quest Mobile, Zhangtong Jiayuan recorded an average of 8.95 million weekly active parent users in November, accounting for 65% of the total parent users in China’s interactive early childhood education industry. In terms of its weekly active teacher users, Zhangtong Jiayuan attracted 690,000 teacher users in November, representing 70% of the total number in the industry.
Before the new financing round, the developer of the platform, Xiamen Shenzhou Eagle Software Technology Co., raised a total of RMB500 million (US$72.83 million) through four rounds in the past two years. Investors in the company’s previous financing rounds include Qualcomm, Beijing-based seed fund ZhenFund and private educational services provider New Oriental.
Centurium Capital, the private equity firm established by ex-Warburg Pincus China head David Li, led a US$200 million series A round of financing in Chinese coffee start-up Luckin Coffee in July.
Proceeds of the new round will be used to improve the current operation of Zhangtong Jiayuan by developing more systematic solutions that are convenient in the landscape of early childhood education. The funding will also be used to finance the company’s layout in setting up institutions to offer staff training services for China’s kindergarten headmasters.