The Chinese market for tech and creative skills is heating up. In just four weeks two significant Series B rounds adding up to over $50 million went into edtech startups offering online courses for tech and creative professionals.
Jike Xueyuan, an online learning platform for tech skills, raised a $22 million Series B from SIG Asia and BlueRun Ventures reports QQ Tech. Founded in 2009 but officially launched earlier this year Jike Xueyuan claims to have over 120.000 users who can choose from over 300 courses covering tech skills from mobile to web development.
Jike Xueyuan, which translates to Geeks College, follows a similar business model like lynda.com. Users pay for a monthly or yearly membership and get access to all courses on the platform in return. Prices range between RMB 30 (US$4.89) per month to RMB 260 (US$42.35) per year.
In August Xingshuai Teach, which offers courses on creative skills like graphics, videos and design, raised a $30 million Series B from Northern Light Venture Capital and Legend Capital. Xingshuai Teach was founded in 2008 and users get free access to all courses on the platform. The startup generates revenue through selling certifications for successfully completed courses.
According to 36kr Xingshuai Teach has seen constant revenue growth since 2012 where it generated RMB 1 million (US$162,000). In 2013 revenue was at RMB 100 million (US$16.2 million) and this year the platform aims for RMB 1 billion (US$162 million) in revenue by the end of this year. There are also rumors of an IPO in 2016.
China is also a target market for beforementioned lynda.com as well as for Udemy. Both companies have stated that Asia is a key region for further growth and therefore a priority when it comes to expansion in the coming years. With now two well-funded startups that operate in their home market this will be a region to watch.
Further Reading
- Chinese IT education startup teaches you how to make your own Flappy Birdclone, gets $22M investment | Tech in Asia
- Chinese crash course education startup for designers and animators secures $30M funding | Tech in Asia