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- Hetao101
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
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
Website
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
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Mar 2021 | Series C | GL Ventures (lead); KKR (lead); Vision Plus Capital (lead); Huaxing Growth Capital; Source Code Capital | $200M | Walnut 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 2019 | Series B | Hillhouse Investment (lead); Huaxing Growth Capital (lead); We Capital; XVC; United Media FOFs; Source Code Capital | $50M | Walnut 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 2019 | Series A | Hillhouse Investment (lead); XVC; Source Code Capital | $18M | Hetao101 (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 2018 | Series A | Source Code Capital (lead); XVC | $2M | - |
| Mar 2018 | Seed | XVC (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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Mar 2018 | ||
| 4 | Lead | Jul 2018 | ||
| 2 | Lead | Feb 2019 | ||
| 2 | Lead | Oct 2019 | ||
| 1 | Lead | Mar 2021 | ||
| 1 | Participant | Oct 2019 | ||
| 1 | Lead | Mar 2021 | ||
| 1 | Lead | Mar 2021 | ||
| 1 | Participant | Mar 2018 | ||
This data is available for Pro users. Sign up to see all 11 Hetao101 investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialHetao101 Competitors
Hetao101 competitors include listed companies like East Buy, Stride and Youdao, and private ones like GoStudent, Age of Learning and Outschool.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $856M | $99M | $4.1B | 3.4x | ||
| Private | $107M | - | $3.4B | - | ||
| Publicly listed | $2.5B | $580M | $3.2B | 1.2x | ||
| Private | $100M | - | $3B | - | ||
| Private | $100M | - | $3B | 30.0x | ||
| Publicly listed | $887M | $30M | $2.4B | 2.6x |
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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $4.8B | $1.4B | 2.6x | 2.5x | 8.7x | 11.1x | |||
| $5.7B | $832M | 0.8x | 0.7x | 5.4x | 4.9x | |||
| $1B | $152M | 6.1x | 5.3x | 41.4x | 19.6x | |||
| $3B | $700M | 1.1x | 1.0x | 4.7x | 5.0x | |||
| $4.9B | $682M | 1.1x | 1.0x | 7.6x | - | |||
| $1.7B | $515M | 3.0x | 2.7x | 10.0x | 8.8x | |||
| $856M | $99M | 3.9x | 3.4x | 33.7x | 27.7x | |||
| $2B | $462M | 2.1x | 2.1x | 9.1x | 7.8x | |||
This data is available for Pro users. Sign up to see all Hetao101 competitors and their valuation data. Start Free Trial | ||||||||
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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