NetDragon Education Revenue, Valuation, Funding & Investors

NetDragon Education is valued at $1.4B as of November 2019, a 3.9x multiple on its last reported $347M revenue.

Last NetDragon Education valuation

$1.4B

Undisclosed stage · Nov 2019

Last NetDragon Education funding round

$150M

Undisclosed stage · Nov 2019

NetDragon Education revenue

$347M

Undisclosed stage · Nov 2019

Key investors in NetDragon Education

  • IDG Capital
  • Vertex Ventures
  • Vertex Ventures China
  • Vision Knight Capital
  • NetDragon Websoft
  • Alpha Animation

NetDragon Education Overview

About NetDragon Education

NetDragon Education is a Fuzhou-based online learning platform launched in 2014. It serves Kindergarten through high school students via dedicated websites and mobile applications focused on interactive educational content and tools.


Founded

2014

HQ

ChinaFuzhou

Website

mynd.ai

Status

Privately held

Customer focus

B2C

Revenue model

Subscription

Revenue

$347M (Nov 2019)

Valuation

$1.4B (Nov 2019)

NetDragon Education Valuation

NetDragon Education is currently valued at $1.4B, based on its undisclosed-stage round in November 2019.

The $150M round was led by Ascendent Capital Partners.

NetDragon Education's valuation has grown 2.8x from $478M at its Series A in January 2015 to $1.4B in November 2019, across 2 priced rounds.

NetDragon Education valuation by funding round

Revenue multiple
NetDragon Education valuation by funding round
DateStageValuationRevenue Multiple
Nov 2019Undisclosed stage$1.4B3.9x
Jan 2015Series A$478M13.7x

NetDragon Education Revenue

NetDragon Education's latest recorded revenue is $347M, as of its undisclosed-stage round in November 2019. At a $1.4B valuation, that implies a 3.9x revenue multiple.

Revenue grew from $35M in January 2015 to $347M in November 2019, while the revenue multiple moved from 13.7x to 3.9x.

NetDragon Education revenue by funding round

NetDragon Education revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Nov 2019$347M$1.4B3.9xUndisclosed stage
Jan 2015$35M$478M13.7xSeries A

* 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.

NetDragon Education Funding History

NetDragon Education has raised a total of $211M across 3 funding rounds.

NetDragon Education's first fundraising round was a $8M seed round in January 2014. The most recent completed round was a $150M undisclosed-stage round in November 2019.

NetDragon Education funding rounds

NetDragon Education funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Nov 2019Undisclosed stageAscendent Capital Partners (lead)$150M$1.4BNetDragon Websoft Holdings Limited, a global leader in internet communities and education technology, announced on November 10, 2019, a USD 150 million strategic investment from Ascendent Capital Partners into its education subsidiary. The investment involves private convertible securities convertible into ordinary shares of the subsidiary at a post-money valuation of USD 1.35 billion. This collaboration leverages Ascendent's experience in the Greater China education sector to support NetDragon's global expansion. The education subsidiary offers solutions like the 101 Education PPT application, smart classroom technologies, and global platforms from acquisitions including Promethean (interactive displays), Edmodo (learning management), and JumpStart (educational games), serving over 13 million monthly active users and 100 million registered users worldwide. Proceeds from the investment are earmarked for product development, growth strategies, potential acquisitions, and investments in the education sector. NetDragon's overall 2019 interim results showed company-wide revenue of RMB 2,672.5 million (about USD 377 million) with 8.2% year-over-year growth and profit attributable to shareholders more than doubling to RMB 421.0 million, driven by gaming and education segments. The prior year 2018 full-year revenue reached RMB 5,037.5 million (about USD 711 million), up 30.2%, with operating profit of RMB 526.4 million. Later developments included a 2023 merger with Gravitas Education Holdings (GEHI) to spin off the overseas education business at a USD 750 million valuation, with NetDragon retaining 72.9% ownership in the renamed MYND.AI, focusing on AI-driven classroom technology. An investor presentation retrospectively valued the education business at USD 1.35 billion post-money from the Ascendent round and noted 2021 education revenue of USD 511 million with a 54% CAGR from 2017-2021.
Jan 2015Series AIDG Capital (lead); Vertex Ventures; Alpha Animation; Vertex Ventures China$53M$478MNetDragon Websoft, a Chinese mobile and games development company listed on the Hong Kong Stock Exchange, launched its online education subsidiary in January 2014 as a joint venture with Vision Knight Capital and Foxteq (owned by Foxconn). The platform targets K-12 students (kindergarten through senior high school) via websites and mobile apps, leveraging NetDragon's expertise in mobile internet, gaming, and infrastructure from platforms like 17173.com and the sold 91 Wireless app store. In February 2015, the education subsidiary raised $52.5 million in a Series A round led by IDG Capital, with participation from Vertex Ventures (Temasek subsidiary), Alpha Animation, and others, at a post-money valuation of $477.5 million. The funding supports development of a holistic online education ecosystem, including complementary hardware and software products addressing K-12 pain points for teachers and students, over 20 learning applications, an optimized instant messaging platform, and a proprietary cloud platform. NetDragon's parent company reported consolidated Q1 2015 revenue of RMB 246.2 million (up 13.4% YoY but down 13% QoQ), driven by online and mobile games, with heavy investments in education impacting short-term profitability. The education business was positioned for long-term growth amid China's booming ed-tech sector, competing with players like Coursera, TutorGroup, 17zuoye, Yuantiku, and Genshuixue. Additional moves included plans to acquire voice tech for education and an international player for up to $130 million.
Jan 2014SeedVision Knight Capital; Foxteq Holdings; NetDragon Websoft$8M-NetDragon Education, a subsidiary focused on online education, closed a funding round on January 24, 2014, raising $8 million from investors including Foxteq Holdings, NetDragon Websoft, and Vision Knight Capital. This Series A investment supported NetDragon's expansion in the education business, including agreements to jointly explore online education markets. The company aimed to build comprehensive online and mobile learning platforms, starting with vocational education partnerships like with Open University of China later in 2014.

Who has invested in NetDragon Education?

8 investors have backed NetDragon Education across its funding rounds, including IDG Capital, Vertex Ventures, Vertex Ventures China, Vision Knight Capital, NetDragon Websoft and Alpha Animation.

Lead investors include Ascendent Capital Partners and IDG Capital.


NetDragon Education Investors

Investors in NetDragon Education by funding rounds participated
InvestorHQRoundsRoleFirst check
Vision Knight CapitalChinaShanghai1ParticipantJan 2014
Vertex VenturesSingaporeSingapore1ParticipantJan 2015
IDG CapitalChinaBeijing1LeadJan 2015
Alpha AnimationThailandBangkok1ParticipantJan 2015
Foxteq HoldingsChinaTaipei1ParticipantJan 2014
NetDragon WebsoftChinaChina1ParticipantJan 2014

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NetDragon Education Competitors

NetDragon Education competitors include listed companies like Coursera and Youdao, and private ones like Degreed, Domestika, ClassDojo and PAPER.

Public and private companies comparable to NetDragon Education
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
CourseraUnited StatesUnited StatesPublicly listed$758M($49M)$1.4B0.3x
DegreedUnited StatesSan Francisco, CAPrivate--$1.4B-
DomestikaUnited StatesSan Francisco, CAPrivate--$1.3B-
ClassDojoUnited StatesSan Francisco, CAPrivate--$1.3B-
PAPERCanadaMontrealPrivate--$1.2B-
YoudaoChinaChinaPublicly listed$881M$29M$1.7B2.0x

NetDragon Education Public Comps

NetDragon Education is still privately-owned, but its public comps include Coursera, Afya, Youdao, American Public Education, Alef Education, Docebo, Jiangsu Chuanzhiboke, Gaotu Techedu, Qibu and MegaStudyEdu.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Coursera$758M($49M)0.5x0.3x(7.7x)2.7x
Afya$719M$289M2.3x2.2x5.6x5.0x
Youdao$881M$29M2.1x2.0x63.1x33.8x
American Public Education$649M$64M1.1x1.1x11.6x7.8x
Alef Education$210M$150M8.2x7.8x11.5x11.1x
Docebo$243M$26M2.6x2.4x24.8x12.3x
Jiangsu Chuanzhiboke$57M($7M)8.9x6.3x(67.8x)-
Gaotu Techedu$917M($38M)0.2x0.2x(4.3x)(33.7x)

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Common questions about NetDragon Education

When was NetDragon Education founded?NetDragon Education was founded in 2014.
Where is NetDragon Education headquartered?NetDragon Education is headquartered in Fuzhou, China.
Is NetDragon Education publicly listed?No, NetDragon Education is a private, VC-backed company.
What is NetDragon Education's valuation?NetDragon Education was last valued at $1.4B in its undisclosed-stage round in November 2019.
How much funding has NetDragon Education raised?NetDragon Education has raised $211M across 3 funding rounds.
What was NetDragon Education's last funding round?NetDragon Education's last funding round was a $150M undisclosed-stage round in November 2019, led by Ascendent Capital Partners.
Who are NetDragon Education's investors?NetDragon Education's investors include Vision Knight Capital, Vertex Ventures, IDG Capital, Alpha Animation, Foxteq Holdings, NetDragon Websoft, Vertex Ventures China and Ascendent Capital Partners.
What is NetDragon Education's revenue?NetDragon Education's latest recorded revenue is $347M (November 2019).
What is NetDragon Education's revenue multiple?NetDragon Education's latest valuation implies a 3.9x revenue multiple ($1.4B valuation on $347M of revenue).
Which companies are comparable to NetDragon Education?Companies comparable to NetDragon Education include Coursera, Degreed, Domestika, ClassDojo, PAPER and Youdao.

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