Codemao, a Shenzhen-based online education platform that offers computer programming classes to kids, has completed its Series C financing round to the tune of $57 million. The company is said to be eyeing an IPO on Shanghai’s new STAR market.
The four-year-old company posted on its WeChat that it has already appointed investment banks to prepare for a public listing. No timeline was specified, although Codemao CFO Zhang Wei said earlier this year that the company aims to complete the IPO within two years.
Investors that participated in this most recent round of financing included The Russia-China Investment Fund (RCIF), Hillhouse Capital Group, SAIF Partners, Everbright New Economy Fund, Technology Financial Group, Southern Publishing. Codemao has previously received funding from the likes of Crystal Stream Capital, Cheetah Mobile, and Green Pine Capital Partners.
Codemao specializes in teaching computer programming to children, and has helped ignite significant interest in the online education space due to the company’s focus on STEM subjects. The Chinese government has prioritized STEM education in an effort to bolster the nation’s talent in various technology sectors.
Codemao has already partnered with Tsinghua University and the Beijing Institute of Technology to compile a centralized rating system which evaluates the coding skills of students. The company already boasts more than 31.47 million registered users and has partnered with 11,500 schools.
In addition, Codemao has plans to expand beyond its domestic market, into places such as Thailand, Vietnam, Malaysia, US, and UK.