Chinese alternative investment firm Genesis Capital has led a RMB100 million (US$15 million) series B funding round in Knowbox, an education mobile app start-up focused on helping students and teachers manage their homework.
Existing investor Legend Star also participated in the round, which gives the company a post-money valuation of US$100 million.
Established in 2014, Knowbox targets the K12 education field with two mobile apps currently helping students get the most from doing homework by providing personalized exercises.
Teachers can use the mobile apps to better manage student homework by avoiding repetitive labor and securing more time to help each student’s unique challenges.
The company claims the two mobile apps currently have nearly one million daily active users, and plans to use the proceeds on building its own homework database.
Knowbox previously received US$1 million angel investment from Legend Star in 2014 and US$10 million series A funding round from Chinese education firm TAL Education Group, JD.com Inc.’s founder Liu Qiangdong and Legend Star last year.
Founded in 1999, Genesis Capital has operations in Beijing and Hong Kong. It manages 20 U.S. dollar and RMB funds across venture capital, private equity, hedge funds and buyout in China. It’s unclear how much assets the firm manages.