Online English Learning Company PalFish Closes New Round after Raising USD120 Million in August

After raising USD120 million in its Series C2 round of financing this August, PalFish announces today another round with tens of millions of dollars invested by GGV Capital and BAI Fund.

China-based PalFish has started to tap into the online children’s English learning market since 2017. Now the company has built up a product matrix including four major applications: 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.

As of now, PalFish has accumulated 40 million users, in which more than 1.6 million are paid users. Achieving such results, the company is becoming a leading brand in the industry. The first step in the competition eyes a healthy business model, and the second should undoubtedly be a healthy scale growth. After the new round, PalFish will focus more on its expansion strategy and talent recruitment.

Long Yu, founding and managing partner of BAI Fund, said that Bertelsmann Group, leading in book publishing worldwide, will further cooperate with PalFish in the picture book business. According to Huang He, founder and CEO of PalFish, the company will explore more subjects, including mathematics and Chinese learning.