Today, the VIP Peilian (an online education platform focusing on one on one music instrument training) has announced that they have completed their B round finance for over 100 million RMB, with Tecent and Orchid Asia leading the round, and Blue run Ventures, GSR Ventures and Longcapital following. This is another case of finance in the music education field for over $100 million RMB, as Find Intelligent Piano has completed their A round finance last week.
Before this round of finance, VIP Peilian has completed the angel round in 2014, the A round in 2016, as well as the investment of millions in U.S. dollars from Longcapital.
Founded in 2014, VIP Peilian has started its music education using the resource of the Internet for children aged 5-16 years old. It offered online one on one instrument training including piano, violin, accordion, and zither. In 2016, VIP Peilian gradually improved its system of online one on one training. According to 36kr News, this round will benefit VIP Peilian in continuing to increase its service content and quality. In the future, VIP Peilian will focus on developing AI and digitization of its online database and eventually structuralize its music education system.
So far, VIP Peilian has a team of thousands of professional music instrument teachers and has established multiple educational research centers in China with the association of dozens of music institutes across the globe. Data shows that by the end of 2017 there were 14 countries that have online students using VIP Peilian’s app with over 10,000 lessons scheduled every day. Based on the increase of students, VIP Peilian is expecting the amount of daily lesson to reach 100,000 per day in the next 2 years.
In order to maintain the quality of their music education, VIP Peilian has standardized its training system for all registered teachers. All teachers go through the process of elimination and evaluation while being trained, which improved the procedure for advancement. Multiple medias have reported that the amount that VIP Peilain has financed in this round has made a record in the field of liberal education.
For the past two years, music education continued to be the main focus for capital in the industry of music and entertainment. Statistics from Music Business China has shown that although there have already been 28 companies that have completed their finance between 2016 to 2017, most of the companies in the industry are still in the angel round or pre-A round of finance. Although the industry has been shaken after the sudden closedown of Xingkong Piano and Crazy Piano, music education is still a popular investment target.
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