Chinese online education firm Mofangge has raised RMB149 million (US$22 million) in series B and B+ round from unnamed individual investors, according to Chinese media reports.
Founded in 2013, Mofangge previously raised tens of millions of U.S. dollars from Fosun Kinzon Capital in 2014.
Like many Chinese start-ups, Mofangge is planning to dismantle its VIE (Variable Interest Entity) structure and push for a domestic listing via reverse mergers.
Mofangge’s online education products target the K12 sector and center around the theme of "learning through gaming".
Its products were initially aimed at individual users, but have shifted toward serving K12 training institutions and the business end of the market.
The company has partnered with thousands of offline training institutions, and charges a fee for using its games. It is expected to make a profit next year, according to Chinese media reports.