Chinese online professional training startup Kaikeba has raised 600 million RMB (92.4 million USD) in a Series B1 investment. The latest funding builds on a RMB 550 million Series A funding round closed last August by Hillhouse Capital and Gaorong Capital, and will be dedicated to product development and offline expansions.
Founded in 2012, Kaikeba’s courses cover business and design topics such as project management, business analysis, product design, and 3D modeling. Its business includes four main categories: professional certifications, professional training, business services and personal learning.
In 2020, the company began to expand beyond its consumer-facing business to develop business services. It then added a range of public exams, competency certificates and academic qualifications to its platform in April this year. Adoption of its enterprise-facing business soared, with segment revenue in April adding more than RMB10 million ($1.55 million), reaching more than RMB20 million ($3.1 million). ) in June. Overall revenue for the first half of 2021 was 350% higher than the same period of 2020, founder and CEO Fang Yechang said in an internal letter.
In the near future, Kaikeba plans to strengthen its physical presence. “Our online model doesn’t mean we don’t need an offline presence. In the future, to acquire customers and grow the vocational education market, offline operations are needed to complement our online course delivery,” Fang said.
The company’s workforce has grown from 1,000 to 3,500 last year. Fang referred to his confidence in the enduring demand for vocational education, as Chinese policymakers reiterated its importance in a action plan published in September 2020. Kaikeba has collaborated with more than 2,000 universities in China, providing professional education to more than 5 million students.
To meet the needs of younger users who are more open to flexible working arrangements, Kaikeba is expanding the scope of its offerings to include communication skills common in part-time gigs like short video production, voice-overs and comments on electronic sports, as well as hobbies like Chinese. calligraphy and other art forms.
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KrASIA Connection offers translated and adapted content published by 36Kr. This article was originally written by Peng Xiaoqiu for 36Kr.