Image Credit: VCG
Hongsong Xuetang, a Beijing-based social learning community for older people, has recently secured an extension of its Series A funding round led by BAI Fund, with participation from Matrix Partners China, China Creation Ventures, and BlueRun Ventures.
The latest investment will be used for product development and market expansion.
Launched in 2019, Hongsong provides retired people with live interactive courses covering the instrument, calligraphy, painting, dance, health, digital products, English, and travel. These learners can also share their lives in Hongsong’s online community.
According to the National Bureau of Statistics, the population aged 60 years or over in China surpassed 260 million in 2020, 18.7% of the total population. The figure is expected to reach 300 million by 2025.
Long Yu, founder and managing director at BAI Fund, said the number of retired people would rapidly increase within five to ten years. The group with stronger spending power and rich time has a higher demand for content, entertainment, and quality of life.