China-based PalFish focusing on online children’s English learning announces today its Series C2 round of financing with USD120 million led by FutureX Capital. Original shareholders SIG and Whales Capital also participated. And this deal has raised the largest amount of funding in the online children’s English education sector since the beginning of 2020.
According to Huang He, the founder and CEO of PalFish, the latest fund will be used for digging into children’s English learning and expanding more subjects, plus, creating more products that meet diversified user needs and optimizing conversion rate, and teaching services through intelligent systems based on the big data. Moreover, the company is dedicated to achieving better learning effects through AI+Social.
Founded in 2015, PalFish started its business from adult English training and shifted focus to Children English learning in 2017. At the end of last year, the company announced to upgrade four major products: PalFish Grade Reading, PalFish Kids, PalFish Intensive Reading, along with PalFish Phonics, to meet various user needs across different age groups through different products, and create a closed-loop of learning in all scenarios.
Currently, PalFish has accumulated 40 million users, in which more than 1.6 million paid users.