China-based online education company VIPThink has closed nearly 200 million dollars in its Series C round of financing led by Vision Fund, with all the original shareholders like Sinovation Ventures, DCM, and New Oriental also participating.
Founded in 2016, VIPThink focuses on Mathematical thinking education for students from 3 to 8-year-old. Since transforming the business online, the company’s average monthly revenue growth rate has been exceeding 100% month-on-month. This March, VIPThink’s revenue reached 90 million yuan, achieving the positive cash flow and positive unit economics(UE) for the first time.
The sector of Mathematical Thinking Training is flourishing. Last month, ByteDance announced the acquisition of Nipaiyi(你拍一) which provides live-streaming courses on Mathematical Thinking. Subsequently, Huohua Siwei closed $150 million Series E1 round of financing led by KKR.
It was estimated that the market scale of offline Mathematical Thinking Training was 5 to 7 billion yuan while the online market shall be 3 to 4 billion yuan. Within two or three years, unicorn enterprises with cash income of 2 billion yuan will be born in this sector.