Hetao101 Funding, Investors & Competitors

Hetao101 has raised $271M across 5 funding rounds, most recently a $200M Series C in March 2021.

Last Hetao101 funding round

$200M

Series C · Mar 2021

Cumulative funding Hetao101 raised

$271M

across 5 funding rounds

Key investors in Hetao101

  • Source Code Capital
  • XVC
  • Hillhouse Investment
  • Huaxing Growth Capital
  • KKR
  • Vision Plus Capital
  • GL Ventures
  • Hike Capital

Hetao101 Overview

About Hetao101

Hetao101 is a Haidian, Beijing-based education company founded in 2017 that delivers programming courses for children aged 6-18. The curriculum follows Computer Science Teachers Association standards, covering Python, Scratch, and robotics with hands-on projects. Classes prepare students for informatics olympiads and university admissions in computer science. Hetao101 operates learning centers and online platforms across Beijing.


Founded

2017

HQ

ChinaBeijing

Status

Privately held

Customer focus

B2C

Revenue model

Services

Hetao101 Funding History

Hetao101 has raised a total of $271M across 5 funding rounds.

Hetao101's first fundraising round was a $2M seed round in March 2018. The most recent completed round was a $200M Series C in March 2021.

Hetao101 funding rounds

Hetao101 funding rounds
DateStageInvestorsRaisedDeal Summary
Mar 2021Series CGL Ventures (lead); KKR (lead); Vision Plus Capital (lead); Huaxing Growth Capital; Source Code Capital$200MWalnut Programming, also known as Hetao101 and Walnut Coding, announced a roughly US$200 million Series C financing on March 25, 2021. KKR, Vision Plus Capital and GL Ventures, the venture investment business associated with Hillhouse, led the round, while Source Code Capital and Huaxing's growth investment fund participated as existing investors. The Beijing education technology company said the proceeds would support artificial intelligence teaching products, teacher recruitment and its teaching and research systems. It also introduced its NUTS graphical programming tool for use in children's coding education and competitions. By March 2021, the business reported more than 3.2 million paying learners. Founded in 2017, Walnut combines adaptive software lessons with learning support and offers courses in programming languages including Scratch, Python and C++. This was one financing event recorded under the company's Chinese and English brand identities, rather than two successive funding rounds.
Oct 2019Series BHillhouse Investment (lead); Huaxing Growth Capital (lead); We Capital; XVC; United Media FOFs; Source Code Capital$50MWalnut Programming, the Beijing children's coding education business also known as Hetao101 and Walnut Coding, announced a US$50 million Series B financing on October 23, 2019. China Renaissance's Huaxing growth fund and existing investor Hillhouse Capital jointly led the round. United Media's Zhongyuan Capital, We Capital, Source Code Capital and XVC participated, while Taihecap served as exclusive financial adviser rather than as an investor. The company planned to invest RMB150 million over the following year in artificial intelligence teaching products and technology upgrades, and to develop seven additional teacher bases after its existing facilities in Jinan and Xi'an. Walnut's product launched in September 2017 and combined software instruction with human teaching support. At the announcement, the business said it served more than 650,000 current learners across more than thirty countries. The financing supported product development and instructional capacity rather than an acquisition of another company. The disclosed US$50 million is capital raised, not an enterprise valuation.
Feb 2019Series AHillhouse Investment (lead); XVC; Source Code Capital$18MHetao101 (also known as Walnut Programming or Pipa Coding) is an online programming education platform for children, founded in July 2017. The company closed a Series A-II funding round on February 18, 2019, led by Hillhouse Investment, with participation from Source Code Capital and XVC. Hetao101 competes with platforms like Codemao, which also received backing from Hillhouse and raised CNY 600 million around that period.
Jul 2018Series ASource Code Capital (lead); XVC$2M-
Mar 2018SeedXVC (lead); CICC Jiacheng Investment Management; Hike Capital$2M-

Who has invested in Hetao101?

11 investors have backed Hetao101 across its funding rounds, including Source Code Capital, XVC, Hillhouse Investment, Huaxing Growth Capital, KKR and Vision Plus Capital.

Lead investors include GL Ventures, KKR, Vision Plus Capital, Hillhouse Investment, Huaxing Growth Capital and 2 other investors.


Hetao101 Investors

Investors in Hetao101 by funding rounds participated
InvestorHQRoundsRoleFirst check
XVCChinaBeijing4LeadMar 2018
Source Code CapitalChinaBeijing4LeadJul 2018
Hillhouse InvestmentChinaBeijing2LeadFeb 2019
Huaxing Growth CapitalChinaBeijing2LeadOct 2019
KKRUnited StatesNew York City, NY1LeadMar 2021
We CapitalChinaGuangzhou1ParticipantOct 2019
GL VenturesChinaBeijing1LeadMar 2021
Vision Plus CapitalChinaHangzhou1LeadMar 2021
CICC Jiacheng Investment ManagementChinaBeijing1ParticipantMar 2018

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Hetao101 Competitors

Hetao101 competitors include listed companies like East Buy, Stride and Youdao, and private ones like GoStudent, Age of Learning and Outschool.

Public and private companies comparable to Hetao101
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
East BuyChinaChinaPublicly listed$856M$99M$4.1B3.4x
GoStudentAustriaViennaPrivate$107M-$3.4B-
StrideUnited StatesUnited StatesPublicly listed$2.5B$580M$3.2B1.2x
Age of LearningUnited StatesLos Angeles, CAPrivate$100M-$3B-
OutschoolUnited StatesSan Francisco, CAPrivate$100M-$3B30.0x
YoudaoChinaChinaPublicly listed$887M$30M$2.4B2.6x

Hetao101 Public Comps

Hetao101 is still privately-owned, but its public comps include Pearson, New Oriental Education, Duolingo, TAL Education, Graham Holdings, Laureate Education, East Buy, Covista, Fibra Educa and Stride.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Pearson$4.8B$1.4B2.6x2.5x8.7x11.1x
New Oriental Education$5.7B$832M0.8x0.7x5.4x4.9x
Duolingo$1B$152M6.1x5.3x41.4x19.6x
TAL Education$3B$700M1.1x1.0x4.7x5.0x
Graham Holdings$4.9B$682M1.1x1.0x7.6x-
Laureate Education$1.7B$515M3.0x2.7x10.0x8.8x
East Buy$856M$99M3.9x3.4x33.7x27.7x
Covista$2B$462M2.1x2.1x9.1x7.8x

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Common questions about Hetao101

When was Hetao101 founded?Hetao101 was founded in 2017.
Where is Hetao101 headquartered?Hetao101 is headquartered in Beijing, China.
Is Hetao101 publicly listed?No, Hetao101 is a private, VC-backed company.
How much funding has Hetao101 raised?Hetao101 has raised $271M across 5 funding rounds.
What was Hetao101's last funding round?Hetao101's last funding round was a $200M Series C in March 2021, led by GL Ventures, KKR and Vision Plus Capital.
Who are Hetao101's investors?Hetao101's investors include XVC, Source Code Capital, Hillhouse Investment, Huaxing Growth Capital, KKR, We Capital, GL Ventures, Vision Plus Capital, CICC Jiacheng Investment Management, Hike Capital and 1 other.
Which companies are comparable to Hetao101?Companies comparable to Hetao101 include East Buy, GoStudent, Stride, Age of Learning, Outschool and Youdao.

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