China-based startup Daodan Education today announces its Series A funding round invested by New Oriental. The fresh capital worth hundreds of millions of yuan will be used to improve teaching research and training, enhance informatization, and develop online business.
Founded in 2016, Daodan Education, focusing on vocational education, has nearly 1,000 branch locations in 31 provinces across the country. The company’s revenues in 2020 were nearly 2 billion yuan, with a compound annual growth rate of more than 300%.
In recent years, more and more Chinese people apply for examinations like the civil servants test and teaching certificates, leading to a falling admission rate. As the competition between candidates became more intense, the market space for test prep tutoring has been growing rapidly.
But it is worth noting that Chen Pairan, founder of Daodan Education, stated that they will not invest in advertising and rely solely on their own channels to recruit students.
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