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
  • KKR
  • Vision Plus Capital
  • Hike Capital
  • Huasheng Capital
  • CICC Jiacheng Investment Management

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 CHillhouse Investment (lead); KKR (lead); Vision Plus Capital (lead); Source Code Capital$200MHetao101 (also referred to as Pipa Coding) is a China-based edtech company providing computer programming education. On March 25, 2021, it raised $200M in a Series C round led by Hillhouse Capital Management (Hillhouse Investment), KKR, and Vision Plus Capital, with participation from Huasheng Capital and Source Code Capital. The company had prior rounds including Series B and earlier Series A stages, with Hillhouse involved in previous investments.
Oct 2019Series BHillhouse Investment (lead); Huasheng Capital (lead); XVC; Zhongyuan Capital; Source Code Capital$50MHetao101 is an online platform providing programming education for children. It raised $50 million in a Series B funding round on October 23, 2019, co-led by Hillhouse Capital and Huasheng Capital (China Renaissance-linked), with participation from Source Code Capital, XVC, and Zhongyuan Capital. Hetao101 operated in China's edtech sector focused on kids' coding amid rising VC activity in 2019.
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?

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

Lead investors include Hillhouse Investment, KKR, Vision Plus Capital, Huasheng Capital, Source Code Capital and 1 other investor.


Hetao101 Investors

Investors in Hetao101 by funding rounds participated
InvestorHQRoundsRoleFirst check
XVCChinaBeijing4LeadMar 2018
Source Code CapitalChinaChaoyang4LeadJul 2018
Hillhouse InvestmentSingaporeSingapore3LeadFeb 2019
KKRUnited StatesNew York City, NY1LeadMar 2021
Huasheng CapitalChinaShanghai1LeadOct 2019
Vision Plus CapitalChinaHangzhou1LeadMar 2021
CICC Jiacheng Investment ManagementChinaBeijing1ParticipantMar 2018

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Hetao101 Competitors

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

Public and private companies comparable to Hetao101
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
GoStudentAustriaViennaPrivate$107M$16M$3.4B-
StrideUnited StatesUnited StatesPublicly listed$2.5B$580M$3.4B1.2x
East BuyChinaChinaPublicly listed$850M$98M$3.4B2.8x
Age of LearningUnited StatesLos Angeles, CAPrivate$100M-$3B-
OutschoolUnited StatesSan Francisco, CAPrivate$100M-$3B30.0x
YoudaoChinaChinaPublicly listed$881M$29M$1.7B2.0x

Hetao101 Public Comps

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

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Pearson$4.8B$1.4B2.4x2.3x8.1x10.4x
New Oriental Education$4.9B$563M1.0x0.8x8.8x5.6x
Duolingo$1B$152M5.4x4.9x37.3x17.9x
TAL Education$3B$700M1.3x1.2x5.7x6.9x
Laureate Education$1.7B$515M3.2x3.0x10.7x9.6x
Graham Holdings$4.9B$682M1.0x1.0x7.3x-
Covista$2B$462M2.5x2.4x10.4x9.1x
Grand Canyon Education$1.1B$306M3.4x3.3x12.4x10.0x

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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 Hillhouse Investment, KKR and Vision Plus Capital.
Who are Hetao101's investors?Hetao101's investors include XVC, Source Code Capital, Hillhouse Investment, KKR, Huasheng Capital, Vision Plus Capital, CICC Jiacheng Investment Management, Zhongyuan Capital and Hike Capital.
Which companies are comparable to Hetao101?Companies comparable to Hetao101 include GoStudent, Stride, East Buy, Age of Learning, Outschool and Youdao.

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