Chinese kid-coding company Xiaomawang announces new funding round worth tens of millions U.S. dollars

Xiaomawang, a China-based edtech company providing coding education for kids, announced today that it has raised ten of millions U.S. dollars in a new round of financing, with the investors undisclosed. To date, the 5-year-old company has completed six funding rounds, and the investors include a partner of Cybernaut, Duorong Venture Capital, Yonghua Capital, Welight Capital, Eastern Bell Capital, etc.

Xiaomawang tapped into the kid programming sector with the offline business. Currently, it has nearly 80 offline direct centers in more than 20 cities across the country. In 2020, the company has reached a single-month revenue of over 100 million yuan, an increase of 66% compared to 2019.

The company was forced to suspend its offline centers and sought online growth due to the COVID-19 pandemic last year. As the pandemic retreats, Xiaomawang is carrying out in-depth optimization and iteration for the online video courses and improving the online course system based on its abundant offline experiences. 

Meanwhile, the company will stress more efforts to develop offline business this year, aiming to have 120 offline centers across the country at the of this year.

According to Xiaomawang’s CEO Wang Jiang, 2021 is a time pivot for the sector of children programming education. “Coding education for kids has gradually become more popular, which used to be a new and niche track,” said him, “As the industry is growing rapidly, the quality of teaching and service will determine the future of an education company.”