Walnut Education gets $50 million in latest financing round

Walnut Education, an institution dedicated to coding training and education for children aged 6 to 12-year-old, announced on Wednesday that it received $50 million in its latest round of financing.

This round of financing, led by Huaxing Growth Capital and Hillhouse Capital and followed by a number of other investors, marks the highest financing value in the children programming education sector so far. The money will be mainly used to boost its talents pool and upgrade relevant technologies.

Zeng Pengxuan, CEO and also founder of Walnut Education, said the company also plans to invest 150 million yuan in building AI teaching products and technology upgrading. Meanwhile, the company will set up seven teacher pools to further improve the quality of teaching services.

According to Yiou intelligence, the youth coding education market now stands at 3.1 billion to 4 billion yuan, and that market will reach 8 billion to 40 billion yuan in the next five years.

Since its establishment in 2017, Walnut Education has had a presence in more than 30 countries, with students exceeding 650,000. In the 2019 summer camp the company saw revenue of more than 100 million yuan.