Chinese children’s online English education firm Palfish announced that it has raised $120 million in a series C round financing, led by dianping.com Founder Zhang Tao and FutureX Capital.
Existing shareholders such as SIG and Whales Capital also participated. Mu Mian Capital acted as the exclusive financial adviser, the company said.
“This round of funds will be mainly used to create more products to meet user needs through innovation, optimize growth conversion and teaching services based on database and intelligent systems and strive to achieve better learning results through AI+Social,” Palfish founder and CEO Huang He said.
Founded in 2017, Palfish has built a series of educational products, aiming to cover all ages and scenarios for children’s English learning. Palfish Picture Book provides enlightenment education for young kids, Palfish Children’s English has one-on-one foreign teachers and original textbooks, while Palfish AI class and Palfish reading courses offer additional English learning services and products for children aged 0 to 14.
Palfish has accumulated 40 million users and more than 1.6 million paying users in the past three years. The team has expanded to nearly 2,000 people, the company said.