Children’s storytelling startup Kaishu Story, otherwise known as Kaishu Jianggushi in Chinese has raised RMB 90 million (about US$13 million) for its Series B funding round.
New Oriental Education & Technology Group Inc., one of the largest private educational services in China led the investment.
The round also saw the participation from Chinese growth capital firm Trustbridge Partners, Shanghai-listed Zhejiang Daily Digital Culture Group and iResearch Capital.
Kaishu Story was launched by former CCTV host Wang Kai and represents a children’s content brand focusing on children’s stories, with additional products such as audio series and online parenting courses.
To date, the platform has expanded to a total of 2,033 audiobooks which amounts to 23,363 minutes played over 1.5 billion times. Some of the titles include “Kaishu’s Journey to the West”, “Little Prince”, and “Kaishu’s 365 nights”, to name a few.
The startup claims that it has six million users on its content platform through a WeChat public account, a mobile app and audio shows. It targets to generate the revenue of RMB200 million (about US$29 million) in 2017.
Kaishu will use the latest capital to build a national children’s brand, investing in a wider range of product development related to children’s content and moving on to the parenting industry.
“We are making memories, memories of the people,” said Wang Kai. “We hope that through us, every little kid from the age of two can start building on happy childhood memories.”
This funding round comes in lieu with the emergence of a new generation of content and knowledge-sharing platforms in China that have sparked investor enthusiasm.
In January, Q&A knowledge sharing platform Zhihu has raised US$100 million in a Series D round. While Shanghai Bajiulin, a new media and knowledge sharing startup founded by well-known Chinese financial writer Wu Xiaobo also raised RMB 160 million (about US$23 million) in the same month.
This news is published on Reuters.