Online English teaching brand for children Palfish announced the completion of a USD 120 million Series C financing, led by Zhang Tao, founder of Dianping, and FutureX Capital.
Existing investors including SIG and Whales Capital continue to participate in the investment, and Mumian Capital acts as the exclusive financial advisor.
In 2017, Palfish was launched as an online English teaching app for children, and took a differentiated development strategy at the very beginning. For example, Palfish uses picture books to attract young children, who can be developed as long-term users.
In addition, Palfish has one-on-one foreign English teacher’ classes, original Pearson English teaching classes, AI classes and AI intensive reading classes, which cover different ages of children from 0 to 14.
Thanks to the establishment of full-scenario product ecosystem, coupled with the promotion of online education by the COVID-19 pandemic in early 2020, Palfish has accumulated a total of 40 million users and a total of more than 1.6 million paying users in mere three years.
The team for doing the product has expanded to nearly 2,000 people. Palfish has become a top brand of online English teaching for children.
Huang He, founder and CEO of Palfish, said that this round of funds would be mainly used in developing English classes as well as exploring classes of other subjects. Palfish will create more products to meet user needs, improve teaching quality based on big data, and achieve better learning results by the mode of “AI+Social”.