Beijing-based Chinese after-school tutoring services firm TAL Education Group says it has acquired a minority stake of Chinese pregnancy and parenting portal operator Babytree Inc. for US$23.5 million, according to a joint announcement.
Founded in 2007, Beijing-based Babytree operates Babytree.com and related mobile apps.
"(Babytree) will help us gain insight into early childhood development and learning, which complements and extends TAL’s existing online presence in the pre-K to college space," says TAL’s chairman and chief executive fficer, Bangxin Zhang.
In 2008, Babytree received US$10 million in venture funding from Matrix Partners China.
New York-based hedge fund Tiger Global Management and Hong Kong-based Prime Capital Management owns 9.6% and 7.1% of New York Stock Exchange-listed TAL respectively, according to the company’s latest annual report from July 2013.