The Fosun and TAL Education-backed parenting app developer has secured $38.6m from two China-based venture capital firms.
QinBaoBao, a China-based parenting app developer backed by education provider TAL Education and diversified conglomerate Fosun, raised RMB250m ($38.6m) in series D funding yesterday, DealStreetAsia reported.
Venture capital firms Fortune Capital and Shenzhen Capital Group provided the funding, which will support the company’s product design, supply chain and market development activities, according to DealStreetAsia.
QinBaoBao provides a range of online parenting services through a mobile app, including early-childhood education resources and a social media platform aimed at millennial parents.
The company raised a nine-figure renminbi (RMB100m = $14.5m at contemporary rates) amount in a 2018 series C round led by TAL Education, with participation from Fosun and venture capital firm Shunwei Capital.
Fosun led an eight-figure dollar series B round for QinBaoBao in 2016 that was backed by Shunwei Capital, which had already provided $5m in series A funding at an unspecified date. Its earlier backers include Sinovation Ventures.