New Oriental Education & Technology Group Inc. has led a RMB90 million (US$13 million) funding round in Kaishuo Jianggushi, a children's stories content provider.
Chinese growth capital firm Trustbridge Partners, Shanghai-listed Zhejiang Daily Digital Culture Group and iResearch Capital also participated in the round.
The funding round is part of a new generation of content and knowledge-sharing platforms emerging in China that have sparked investor enthusiasm.
In January, Zhihu, a question-and-answer knowledge sharing platform, raised US$100 million in a series D round. At the same time, Shanghai Bajiulin, a new media and knowledge sharing start-up founded by well-known Chinese financial writer Wu Xiaobo, raised RMB160 million (US$23 million). In April, Lizhiweike, a Shenzhen-based online education mobile app, raised tens of millions of U.S. dollars from investors.
Kaishu Jianggushi was launched three years ago by former CCTV host Wang Kai. The content platform, which including a WeChat public account, a mobile app and audio shows, has six million users, according to an announcement.
The content provider focuses on children's stories, with additional products such as audio series sold online. The company is expected to reach sales of RMB200 million (US$29 million) this year, and has plans to launch more products, including smart hardware.