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- Spark Education Group
Spark Education Group Revenue, Valuation, Funding & Investors
Spark Education Group is valued at $1.5B as of January 2021, a 6.9x multiple on its last reported $217M revenue.
Last Spark Education Group valuation
$1.5B
Series E · Jan 2021
Last Spark Education Group funding round
$150M
Series E · Jan 2021
Spark Education Group revenue
$217M
Series E · Jan 2021
Key investors in Spark Education Group
IDG Capital
GSR Ventures
Lightspeed China Partners
Hike Capital
HSG
Northern Light Venture Capital
About Spark Education Group
Spark Education Group is a Shanghai-headquartered online learning provider established in 2018 that offers live small-group classes in math and Chinese language for K-12 students. The portfolio includes VISPARK with curricula aligned to Singapore Math and Common Core, Huohua Siwei for Chinese subjects, Allschool as a tutor marketplace, and ClassPod for interactive sessions. Spark Education Group serves over 100 countries through its platforms backed by investors such as KKR and Sequoia China.
Founded
2016
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Subscription
Revenue
$217M (Jan 2021)
Valuation
$1.5B (Jan 2021)
Spark Education Group Valuation
Spark Education Group is currently valued at $1.5B, based on its Series E in January 2021.
The $150M round was led by Trustbridge Partners, with participation from Tencent and Hike Capital.
Spark Education Group's valuation has grown 3.0x from $500M at its Series D in August 2019 to $1.5B in January 2021, across 4 priced rounds.
Spark Education Group valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jan 2021 | Series E | $1.5B | 6.9x |
| Oct 2020 | Series E | $1.5B | 6.9x |
| Aug 2020 | Series E | $1.2B | 3.4x |
| Aug 2019 | Series D | $500M | - |
Spark Education Group Revenue
Spark Education Group's latest recorded revenue is $217M, as of its Series E in January 2021. At a $1.5B valuation, that implies a 6.9x revenue multiple.
Revenue moved from $348M in August 2020 to $217M in January 2021, while the revenue multiple moved from 3.4x to 6.9x.
Spark Education Group revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jan 2021 | $217M | $1.5B | 6.9x | Series E |
| Oct 2020 | $217M | $1.5B | 6.9x | Series E |
| Aug 2020 | $348M | $1.2B | 3.4x | Series E |
* 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.
Spark Education Group Funding History
Spark Education Group has raised a total of $593M across 9 funding rounds.
Spark Education Group's first fundraising round was a $3M Series A in August 2016. The most recent completed round was a $150M Series E in January 2021.
Spark Education Group funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2021 | Series E | Trustbridge Partners (lead); Tencent; Hike Capital | $150M | $1.5B | Spark Education Group, known as Huohua Siwei in Chinese, is an online K-12 education platform specializing in STEM subjects like math and science, offering live classes in mathematical thinking, Chinese, and English for children aged 3-10, including the 'Little Sparks AI Class' brand. The company serves over 85,000 students daily and more than 250,000 on its app, focusing on math thinking training. In January 2021, Spark completed its Series E financing in three stages (E1, E2, E3), raising over $400 million total, with the E3 round of over $150 million led by Trustbridge Partners and participated by Tencent and existing shareholders. Light Source Capital acted as financial advisor. This marked the third round in five months, bringing total funding since 2017 to over $600 million across eight rounds. Post-Series E, the company achieved a valuation of $1.5 billion USD. A person close to the company confirmed expected revenue of around CNY 1.5 billion for 2020. Spark has attracted significant overseas capital, positioning it among leading domestic online education firms. The broader K-12 online education market in China was projected to exceed CNY 150 billion by 2022 with 55% penetration. There were rumors of a potential US IPO. The funding occurred amid a hot edtech market, with peers like Zuoyebang raising $1.6 billion. |
| Oct 2020 | Series E | Tencent (lead); Carlyle Group; Yuanfudao | $100M | $1.5B | Spark Education Group is a Beijing-based online education platform founded in 2017, specializing in K-12 STEM subjects like math, science, Chinese, and English through small-group online tutoring classes of 4-8 students, focusing on developing creativity, critical thinking, and problem-solving skills rather than exam-oriented learning. The company completed multiple financing rounds in 2020, including D+, E1, and E2, with total financing exceeding USD 600 million across eight rounds since inception; one of these rounds was led by Tencent with participation from Carlyle and Yuanfudao, though a later January 2021 round was led by Trustbridge Partners with Tencent following and raised USD 400 million at a post-money valuation of USD 1.5 billion, advised by Light Source Capital. A person close to the company confirmed revenue of around CNY 1.5 billion for 2020, and it was the largest online small-class education company in China by gross billings that year. Spark Education rapidly expanded its user base to 370,530 students as of March 31, 2021, up from 133,902 a year earlier. It filed for a US IPO on Nasdaq (symbol SPRK) in June 2021 aiming to raise up to USD 500 million (placeholder USD 100 million), with proceeds allocated to pedagogy improvements (40%), technology infrastructure (30%), and marketing/other uses, but withdrew in December 2021 citing market conditions; bookrunners included Credit Suisse, Citi, CICC, Futu Securities, and Tiger Brokers. For the 12 months ended March 31, 2021, it reported USD 226 million in revenue, with net losses widening to CNY 951.7 million (USD 145.3 million) in 2020 from CNY 771.1 million in 2019. The funding and growth occurred amid a booming Chinese K-12 online education market projected to exceed CNY 150 billion by 2022 with 55% penetration, fueled by COVID-19 lockdowns, though the company later faced regulatory crackdowns on after-school tutoring including false advertising concerns and listed policy uncertainties as a major IPO risk factor. |
| Aug 2020 | Series E | KKR (lead); Longfor Group Holdings; IDG Capital; GSR Ventures; GGV Capital; HSG | $150M | $1.2B | Huohua Siwei, known as Spark Education Group in English, is a Beijing-based edtech company founded in 2017, specializing in AI-powered tutoring focused on math, science, and critical thinking training for children aged 3 to 12. The company announced a USD 150 million E1 funding round on August 26, 2020, led by KKR with participation from existing investors including GGV Capital, GSR Ventures, Longfor Capital (associated with Longfor Group Holdings), Sequoia China, and IDG Capital (likely HSG). This brought total capital raised to USD 340 million across multiple rounds, with an E2 round reportedly upcoming. At the time of the announcement, Spark Education reported over 250,000 paying students and monthly revenue of RMB 200 million (approximately USD 29 million), annualizing to about USD 348 million. The funding supported expansion, including a new English tutoring product launched on August 26, 2020. Earlier rounds included a Series D of USD 85 million co-led by KKR and GGV, a Series C of USD 40 million led by Northern Light Venture, and USD 30 million from Kuaishou in April 2020. Spark Education positioned itself strongly in China's early childhood education and quality education sector, with high customer referral rates (75% of transaction volume from existing customers) and an 80% student renewal rate as of May 2020. Competitors included VIPKID's Luna Education and VIPthink, which reported CNY 28 million monthly revenue in May 2019. |
| Apr 2020 | Series D | Kuaishou (lead) | $30M | - | Spark Education Group (Huohua Siwei), a Beijing-based online education platform founded in 2016 or 2017, specializes in mathematical thinking, critical thinking, science, and English tutoring for children aged 3-12 using AI-powered one-to-many interactive live small classes with game-based elements to build logic, concentration, and core skills. In late April 2020, the company raised USD 30 million from Kuaishou, its most recent financing prior to a larger Series E round. This followed earlier rounds including Series C of USD 40 million in March 2019 led by Northern Light Venture and USD 85 million later that year from KKR and GGV, accumulating significant capital in a heating online education sector. By August 2020, Spark Education announced a USD 150 million E1 round led by KKR with participation from GGV, GSR Ventures, Longfor Capital, Sequoia China, and IDG Capital, bringing total funding to USD 340 million. Local media reported an upcoming E2 round targeting unicorn status at USD 1 billion valuation, though the company declined comment. The April Kuaishou investment was noted amid competitive dynamics, with Kuaishou positioned as a rival to ByteDance. Traction included over 250,000 paying students by August 2020, generating RMB 200 million (USD 29 million) monthly revenue. The platform emphasized original courses by experienced teachers, positioning against broader edtech growth in China. |
| Aug 2019 | Series D | GGV Capital (lead); KKR (lead); Lightspeed China Partners; Northern Light Venture Capital; Longfor Group Holdings; IDG Capital; GSR Ventures; Hike Capital; HSG | $85M | $500M | Spark Education Group, also known as Huohua Siwei or Spark Thinking (火花思维), is a Beijing-based online education platform founded in 2016 or 2017, specializing in early childhood education for K12 students, particularly mathematical thinking, logic, and focus training through live virtual classes on subjects like maths, science, English, and Chinese. The company raised $85 million in its Series D round on August 26, 2019, co-led by GGV Capital and KKR, with participation from Longfor Group Holdings (via Longhu Capital), IDG Capital, Lightspeed China Partners, Northern Light Venture Capital, Hike Capital, GSR Ventures, and others, matching the specified investors. This followed a $40 million Series C in March 2019 co-led by Longhu Capital and Northern Light Venture Capital with similar investors. Traction included 75% of transaction volume from referrals by existing customers and an 80% student renewal rate as of May 2019, with high penetration in math education at 46.9%. It faced limited direct competition in China's ECE quality education space, though platforms like VIPKID's Luna Education and VIPthink (which raised $15M Series A in January 2019) were noted as emerging rivals. Subsequent rounds included a $150M round in August 2020 (possibly Series E1) led by KKR, bringing total funding to around $340M by then, and a $400M Series E in January 2021 led by Trustbridge Partners at $1.5B post-money valuation. The company, formally Spark Education Limited (renamed from Wan Duoduo Limited in November 2019), planned a US IPO on Nasdaq aiming to raise up to $500M, with total funding reaching about $590M, intending to use proceeds for teaching improvements, tech infrastructure, and marketing. |
| Mar 2019 | Series C | Longfor Group Holdings (lead); Northern Light Venture Capital (lead); Lightspeed China Partners; IDG Capital; GSR Ventures; Hike Capital; HSG | $40M | - | - |
| Jun 2018 | Series B | HSG (lead); Lightspeed China Partners; Northern Light Venture Capital; IDG Capital; GSR Ventures; Hike Capital | $20M | - | - |
| May 2018 | Series B | Hike Capital (lead); IDG Capital (lead); Lightspeed China Partners; GSR Ventures | $15M | - | - |
| Aug 2016 | Series A | Lightspeed China Partners (lead) | $3M | - | - |
Who has invested in Spark Education Group?
14 investors have backed Spark Education Group across its funding rounds, including IDG Capital, GSR Ventures, Lightspeed China Partners, Hike Capital, HSG and Northern Light Venture Capital.
Lead investors include Trustbridge Partners, Tencent, KKR, Kuaishou, GGV Capital and 6 other investors.
Spark Education Group Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 5 | Lead | Aug 2016 | ||
| 5 | Lead | May 2018 | ||
| 5 | Participant | May 2018 | ||
| 5 | Lead | May 2018 | ||
| 4 | Lead | Jun 2018 | ||
| 3 | Lead | Jun 2018 | ||
| 3 | Lead | Mar 2019 | ||
| 2 | Lead | Aug 2019 | ||
| 2 | Lead | Oct 2020 | ||
| 2 | Lead | Aug 2019 | ||
| 1 | Lead | Jan 2021 | ||
| 1 | Participant | Oct 2020 | ||
This data is available for Pro users. Sign up to see all 14 Spark Education Group investors. Start Free Trial | ||||
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Start Free TrialSpark Education Group Competitors
Spark Education Group competitors include listed companies like Coursera and Youdao, and private ones like Knowbox, Ruangguru, Matific and Age of Learning.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $758M | ($49M) | $1.4B | 0.3x | ||
| Publicly listed | $881M | $29M | $1.7B | 2.0x | ||
| Private | - | - | $1B | - | ||
| Private | - | - | $830M | - | ||
| Private | - | - | $800M | - | ||
| Private | $100M | - | $3B | - |
Spark Education Group Public Comps
Spark Education Group is still privately-owned, but its public comps include Cengage, National Company for Learning & Education, Coursera, Advtech, Youdao, Offcn Education Technology, Strategic Education, Afya, Universal Technical Institute and Alef Education.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| - | - | - | - | - | - | |||
| $175M | $66M | 9.8x | 8.5x | 26.2x | 23.3x | |||
| $758M | ($49M) | 0.5x | 0.3x | (7.7x) | 2.7x | |||
| $574M | $155M | 3.0x | 2.9x | 11.3x | 10.2x | |||
| $881M | $29M | 2.1x | 2.0x | 63.1x | 33.8x | |||
| $334M | $72M | 5.9x | 5.7x | 27.4x | 23.5x | |||
| $1.3B | $226M | 1.4x | 1.4x | 7.8x | 6.2x | |||
| $719M | $289M | 2.3x | 2.2x | 5.6x | 5.0x | |||
This data is available for Pro users. Sign up to see all Spark Education Group competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Spark Education Group
| When was Spark Education Group founded? | Spark Education Group was founded in 2016. |
| Where is Spark Education Group headquartered? | Spark Education Group is headquartered in Singapore, Singapore. |
| Is Spark Education Group publicly listed? | No, Spark Education Group is a private, VC-backed company. |
| What is Spark Education Group's valuation? | Spark Education Group was last valued at $1.5B in its Series E in January 2021. |
| How much funding has Spark Education Group raised? | Spark Education Group has raised $593M across 9 funding rounds. |
| What was Spark Education Group's last funding round? | Spark Education Group's last funding round was a $150M Series E in January 2021, led by Trustbridge Partners. |
| Who are Spark Education Group's investors? | Spark Education Group's investors include Lightspeed China Partners, IDG Capital, GSR Ventures, Hike Capital, HSG, Northern Light Venture Capital, Longfor Group Holdings, KKR, Tencent, GGV Capital and 4 others. |
| What is Spark Education Group's revenue? | Spark Education Group's latest recorded revenue is $217M (January 2021). |
| What is Spark Education Group's revenue multiple? | Spark Education Group's latest valuation implies a 6.9x revenue multiple ($1.5B valuation on $217M of revenue). |
| Which companies are comparable to Spark Education Group? | Companies comparable to Spark Education Group include Coursera, Youdao, Knowbox, Ruangguru, Matific and Age of Learning. |
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