Mobile learning platform Qujiyi raises $6b in latest funding

Chinese mobile learning platform Qujiyi has secured nearly 40 million yuan ($5.7 million) in its angel round of funding as it looks to scale up its platform and provide a better user experience.

Fujian-based education service provider Elernity, a subsidiary of NetDragon Websoft Holdings Ltd, led the angel round. Shunwei Capital also participated in the funding.

Wang Feng, founder of Qujiyi and two-time winner of the World Memory Championships, said the platform will increase investment in education technologies research and development to offer high-quality curriculum that helps improve memory for school students.

So far, the platform has users from more than 120 cities and 29 provinces, autonomous regions and municipalities across the country.

While most industries are badly hit by the globally spreading COVID-19 outbreak, online education has emerged as the unlikely beneficiary of the coronavirus pandemic. As schools across the globe have closed due to the pandemic, students are forced to learn from home.

In China, the number of K12 online education users was expected to grow more than 50 percent to 37.66 million in 2020, creating an online education market worth 453.8 billion yuan, said a recent report released by internet consultancy iiMedia Research.