Codemao Revenue, Valuation, Funding & Investors

Codemao is valued at $495M as of April 2020.

Last Codemao valuation

$495M

Series C · Apr 2020

Last Codemao funding round

$197M

Series D · Nov 2020

Codemao revenue

$17M

Series C · Nov 2019

Key investors in Codemao

  • Hillhouse Investment
  • CMB International Capital Corporation
  • Guangdong Technology Financial Group
  • SAIF Partners
  • Crystal Stream Capital
  • GoldStone Investment

Codemao Overview

About Codemao

Codemao is an online coding education platform for children using graphical programming. Shenzhen-headquartered since 2015, it features the Programming Cat tool with gamified courses blending coding, math, and languages. Courses build logical thinking through block-based modules transitioning to text-based Python and JavaScript.


Founded

2015

HQ

ChinaShenzhen

Website

codemao.cn

Status

Privately held

Customer focus

B2C

Revenue model

Product sales

Revenue

$17M (Nov 2019)

Valuation

$495M (Apr 2020)

Codemao Valuation

Codemao is currently valued at $495M, based on its Series C in April 2020.

The $35M round was led by CMB International Capital Corporation, with participation from Yueke Xintai Capital, Sharewin Investment, Guangdong Technology Financial Group and Bank of China Group Investment.

Codemao's valuation has grown 1.6x from $314M at its Series B in May 2018 to $495M in April 2020, across 3 priced rounds.

Codemao valuation by funding round

Revenue multiple
Codemao valuation by funding round
DateStageValuationRevenue Multiple
Apr 2020Series C$495M-
Nov 2019Series C$500M29.4x
May 2018Series B$314M-

Codemao Revenue

Codemao's latest recorded revenue is $17M, as of its Series C in November 2019. At a $500M valuation, that implies a 29.4x revenue multiple.

Codemao revenue by funding round

Codemao revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Nov 2019$17M$500M29.4xSeries C

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Codemao Funding History

Codemao has raised a total of $360M across 7 funding rounds.

Codemao's first fundraising round was a $3M Series A in December 2016. The most recent completed round was a $197M Series D in November 2020.

Codemao funding rounds

Codemao funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Nov 2020Series DBPEA EQT (lead); Greater Bay Area Homeland Development Fund; Sino-Ocean Group Holding; Youshan Capital; GoldStone Investment; Hillhouse Investment; Wen's Investment; CMB International Capital Corporation; Guangdong Technology Financial Group; BOC International Holdings; CITIC Securities; Bohai Zhongsheng$197M-Codemao is a Shenzhen-based edtech company founded in 2015, initially developing programming tools for children aged 4-16, later expanding to computer programming training in partnership with schools and universities, and offering online one-on-one programming courses. The company raised approximately $198 million (1.3 billion yuan) in its Series D funding round on November 20, 2020, led by an affiliate of BPEA EQT, with participation from investors including CITIC Securities, Hillhouse Capital, BOC International, GoldStone Investment, and Sino-Ocean Capital. This followed a prior round in April 2020 where it raised 250 million yuan led by CMB International; a previous November 2019 valuation was $500M and April 2020 pushed it to 3.5 billion yuan per company statements. At the time of the Series D announcement, Codemao reported average monthly revenue exceeding 200 million yuan, with about half of its customers from third- and fourth-tier Chinese cities. This traction aligns with investor interest in youth-focused programming education platforms, spurred by China's 2017 New Generation Artificial Intelligence Development Plan mandating programming in primary and middle school curriculums as part of its AI leadership strategy by 2030. The funding reflects strong momentum in China's edtech sector for coding education, positioning Codemao among investor favorites. In January 2019, its CFO indicated plans for an IPO on Shanghai's STAR Market, Hong Kong Stock Exchange, or Nasdaq within two years.
Apr 2020Series CCMB International Capital Corporation (lead); Yueke Xintai Capital; Sharewin Investment; Guangdong Technology Financial Group; Bank of China Group Investment$35M$495MCodemao is a Chinese edtech company focused on coding education for children. On April 17, 2020, it raised $35.35 million in a Series C - II round led by CMB International Capital Corporation, with participation from Bank of China Group Investment, Guangdong Technology Financial Group, and Sharewin Fund.
Nov 2019Series CRussia-China Investment Fund (lead); SAIF Partners; EBZY Capital; Hillhouse Investment; Southern Publishing; Guangdong Technology Financial Group$57M$500MCodemao is a Shenzhen-based online coding education platform for children, offering integrated tools, curricular content, and tutoring services. It gained prominence with rapid growth, serving 2 million customers and partnering with over 3,000 schools by early 2019. The company reported steady quarter-on-quarter revenue growth of 200% since Q4 2017, achieving 10x revenue increase from 2017 to end-2018, with annual income of CNY 120 million as of mid-May 2019 and single-day revenue records in tens of millions. In November 2019, Codemao completed a Series C round, valued at $500M including Russia-China Investment Fund as lead, alongside EBZY Capital, Guangdong Technology Financial Group, Hillhouse Investment, SAIF Partners, and Southern Publishing. This followed earlier raises, with total funding reaching approximately CNY 1.25 billion by April 2020 after a quick C+ round of CNY 250M led by CMB International. The November 2019 valuation reflects post-money estimate from the period, distinct from a January 2019 valuation of CNY 2 billion (about $290M USD then). Codemao planned to double revenues in 2019 and reach break-even, while preparing for IPO within two years as stated by executives. Subsequent rounds included Series D in November 2020 ($198M) and Series D-II in 2021, pushing total funding over $360M across 13 rounds from 35 investors. The firm positioned itself as a leader in China's K12 coding education market, which saw significant investment amid a 2015-2019 boom.
May 2018Series BCMB International Capital Corporation (lead); The Beijing News; Shanshui Capital; Green Pine Capital Partners$47M$314MCodemao is an online children's coding education platform targeting K12 students, focusing on programming tutoring with products that gained traction through school partnerships and user growth. By early 2019, after prior fundraisings totaling around CNY 460 million, it achieved a valuation of CNY 2 billion and served 2 million customers while cooperating with over 3,000 schools and institutions. In mid-2019, its valuation reportedly reached about USD 1 billion, supported by quarter-on-quarter growth of 200% and annual income of CNY 120 million as stated by CEO Li Tianchi. The specified May 2018 round involved investors CMB International Capital Corporation (lead), Green Pine Capital Partners, Shanshui Capital, and The Beijing News. A later C+ round in 2020 raised CNY 250 million led by CMB International, bringing cumulative funding to CNY 1.25 billion. Subsequent developments include Series D rounds in 2021 totaling over $233M with investors like Hillhouse Capital and CITIC, reflecting continued expansion despite regulatory shifts in China's education sector post-2019. Market context includes a booming K12 edtech sector with CNY 6.33 billion invested in 2018 at 50.12% CAGR since 2016, driven by STEAM education policies. Competitive context includes rapid edtech growth pre-COVID, with Codemao pivoting to online amid disruptions.
Nov 2017Series BHillhouse Investment (lead); Qinghan Fund; Crystal Stream Capital; Cheetah Mobile$18M-Codemao, a Shenzhen-based online coding education platform for children, completed a Series B round of approximately RMB 120 million (USD 17 million) in 2017, with investors including Cheetah Mobile and Crystal Stream Capital. Hillhouse Investment participated in Codemao's funding activities around November 17, 2017, as part of its early-stage investments. Subsequent rounds included a strategic round of CNY 600 million in Q1 2019 and Series C of CNY 400 million (USD 57 million) in November 2019 led by Russia-China Investment Fund, with Hillhouse Capital, SAIF Partners, Crystal Stream Capital, and Cheetah Mobile participating. By late 2019, Codemao reported 31.47-32 million users, partnerships with 11,500 schools, and Q3 2019 income exceeding CNY 200 million. The company aimed for an IPO on Shanghai's STAR Market.
May 2017Series A-$2M--
Dec 2016Series A-$3M--

Who has invested in Codemao?

25 investors have backed Codemao across its funding rounds, including Hillhouse Investment, CMB International Capital Corporation, Guangdong Technology Financial Group, SAIF Partners, Crystal Stream Capital and GoldStone Investment.

Lead investors include BPEA EQT, CMB International Capital Corporation, Russia-China Investment Fund and Hillhouse Investment.


Codemao Investors

Investors in Codemao by funding rounds participated
InvestorHQRoundsRoleFirst check
Hillhouse InvestmentSingaporeSingapore3LeadNov 2017
CMB International Capital CorporationHong KongHong Kong3LeadMay 2018
Guangdong Technology Financial GroupChinaGuangzhou3ParticipantNov 2019
SAIF PartnersHong KongHong Kong1ParticipantNov 2019
Greater Bay Area Homeland Development FundHong KongHong Kong1ParticipantNov 2020
Sino-Ocean Group HoldingChinaChina1ParticipantNov 2020
Russia-China Investment FundRussiaMoscow1LeadNov 2019
Yueke Xintai CapitalChinaShenzhen1ParticipantApr 2020
EBZY CapitalChinaChina1ParticipantNov 2019
Youshan CapitalChinaBeijing1ParticipantNov 2020
GoldStone InvestmentChinaBeijing1ParticipantNov 2020
Qinghan FundChinaBeijing1ParticipantNov 2017
Crystal Stream CapitalChinaBeijing1ParticipantNov 2017

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Codemao Competitors

Codemao competitors include listed companies like Gaotu Techedu, Jiangsu Chuanzhiboke and MegaStudyEdu, and private ones like Cuemath, Matific and Ruangguru.

Public and private companies comparable to Codemao
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Gaotu TecheduChinaChinaPublicly listed$917M($38M)$503M0.2x
Jiangsu ChuanzhibokeChinaChinaPublicly listed$57M($7M)$540M6.3x
CuemathIndiaBangalorePrivate$10M-$407M40.7x
MatificAustraliaSydneyPrivate--$800M-
RuangguruIndonesiaJakartaPrivate--$830M-
MegaStudyEduSouth KoreaSouth KoreaPublicly listed$644M$139M$263M0.4x

Codemao Public Comps

Codemao is still privately-owned, but its public comps include YDUQS, Gaotu Techedu, Ataa Educational, Jiangsu Chuanzhiboke, Vitru Educação, Docebo, Cruzeiro do Sul Educacional, Insource Co., Ser Educacional and Scholastic.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
YDUQS$1.1B$310M1.3x1.2x4.3x3.7x
Gaotu Techedu$917M($38M)0.2x0.2x(4.3x)(33.7x)
Ataa Educational$176M$65M4.4x4.2x11.8x11.4x
Jiangsu Chuanzhiboke$57M($7M)8.9x6.3x(67.8x)-
Vitru Educação$439M$169M1.7x1.6x4.3x4.2x
Docebo$243M$26M2.6x2.4x24.8x12.3x
Cruzeiro do Sul Educacional$551M$181M1.3x1.2x3.8x4.1x
Insource Co.$93M$39M3.5x3.2x8.5x7.9x

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Common questions about Codemao

When was Codemao founded?Codemao was founded in 2015.
Where is Codemao headquartered?Codemao is headquartered in Shenzhen, China.
Is Codemao publicly listed?No, Codemao is a private, VC-backed company.
What is Codemao's valuation?Codemao was last valued at $495M in its Series C in April 2020.
How much funding has Codemao raised?Codemao has raised $360M across 7 funding rounds.
What was Codemao's last funding round?Codemao's last funding round was a $197M Series D in November 2020, led by BPEA EQT.
Who are Codemao's investors?Codemao's investors include Hillhouse Investment, CMB International Capital Corporation, Guangdong Technology Financial Group, SAIF Partners, Greater Bay Area Homeland Development Fund, Sino-Ocean Group Holding, Russia-China Investment Fund, Yueke Xintai Capital, EBZY Capital, Youshan Capital and 15 others.
What is Codemao's revenue?Codemao's latest recorded revenue is $17M (November 2019).
What is Codemao's revenue multiple?Codemao's latest valuation implies a 29.4x revenue multiple ($500M valuation on $17M of revenue).
Which companies are comparable to Codemao?Companies comparable to Codemao include Gaotu Techedu, Jiangsu Chuanzhiboke, Cuemath, Matific, Ruangguru and MegaStudyEdu.

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