Students at the Shichahai sports school attend a class in Beijing, China, May 18, 2016. REUTERS/Damir Sagolj/Files Chinese children’s reading app platform Koala Reading has announced the closing of a $20-million Series B funding round co-led by existing backer GGV Capital and XVC Venture Capital.
China-based Koala Reading has raised 29.1bn in a series B funding round, led by GGV Capital and XVC Venture Capital. The children's reading app platform will use the funds to upgrade its Chinese Graded Reading System ER Framework, improve the production of high-quality reading content, and expand the market. The start-up uses algorithms to create Chinese graded reading by aligning texts to a difficulty level, while matching a student's reading ability to personalised content and solutions. The Chinese online education market reached CNY200.3bn ($$20m) in revenue in 2017.