Online children's math education platform raises $40m in new funding
Online children's mathematical thinking training platform Huohua announced Saturday that the company had finished $40 million in Series C funding with Northern Light Venture Capital and Longfor leading the investment.
The new funds will be used for class design and product development, according to Huohua.
To date, Huohua has attracted a total of over $75 million in funds. The company now has over 1,300 staff, with 70 for developing lessons, 400 for product development (such as interactive games to help children learn more efficiently), 500 teachers and 200 head teachers.
Unlocking children's math potential now means more than getting a good grade at school for many parents in China, but is an important way to help them think out of the box to solve problems that arise in children's everyday lives, said Huohua CEO Luo Jian.
"The change (in how Chinese parents perceive mathematics) has projected a great market that in China is now still at a very early age," said Luo.
"I'd like to see my child think critically and creatively in figuring out solutions to problems he encounters now and in his future life. It's an important ability and I think it can be trained through mathematical learning," said one parent at Huohua's anniversary celebration, whose child has been taking Huohua's lessons for a year.
So how can children, especially those who are very young, solve real-life problems using math? Here's an example: Mark, aged 5, wanted more monthly allowance from his parents. Instead of continually pestering his parents, he spoke to his friends and gathered information about the monthly allowance they received, and how much housework they did to earn it. After that, he drew a chart to present to his family.
"Children's mathematical thinking training is a market with great potential and Huohua will take further moves to tap the trend," Luo said.
The company now has developed classes from Level 1 to Level 5, with more classes already in the pipeline.
