Makeblock Announces RMB 300 Million Series C Funding
The Company will use funds to accelerate R&D, marketing and global operations
SHENZHEN, China, August 30, 2018-- The leading STEAM education solution provider Makeblock today announces that it has closed RMB 300 Million (approx. US$44 million) in Series C funding at the latest valuation of RMB 2.5 billion (approx. US$367 million). This funding is led by CICC ALPHA. Also participating are Yuexiu Industrial Investment Fund, GX Capital and Everest Capital (LMFVC). For-Capital is the FA.
Makeblock will use the financing to accelerate R&D, marketing and subsidiary company operations. It's going to launch new products in this October. "We will introduce more products of lower threshold to families and schools," said Jasen Wang, Founder and CEO of Makeblock. "Over the last year we've experienced rapid growth of market share in Europe, Asia Pacific, the Americas and China, thanks to our 3-pronged strategy: software-hardware solution, systematic education solution and global robotics competition. Now we are seeing a lot of momentum to expand our product portfolio and integrate the latest technology into our STEAM solutions. We are dedicated to offering better products and services to local users."
Makeblock's STEAM solutions have won 9 international titles such as American 2018 Family Choice Awards, American Gold Edison Awards, American IDEA Gold Award, CES Innovation Awards, German IF Design Award, German Red Dot Product Design Award, Finland Kokoa Education Standard Certification, Korean K-Design Gold Award and Japanese Good Design Award.
To date, Makeblock has become a multi-national company with 500 employees and subsidiary companies in America, the Netherlands, Japan and Hong Kong. It has worked with over 1,600 global channel partners; forged business in over 140 countries and regions and engagements with Microsoft and strategic partners such as Japan's SoftBank C&S. More than 20,000 schools worldwide benefit from Makeblock's STEAM solution, including 7,000 middle schools in France and over 50% of middle schools in Hong Kong. In Mexico, Makeblock has set a Guinness Record of world's largest robotics class with the Education Department of Mexico Jalisco. In Antarctica, Makeblock has joined the Antarctica Education & Research Program (AERP) as the only selected robotic brand. In Africa, Makeblock was the official supplier to RobotsMali National Collaborative Robotics Education Center and collaborated with NOSI (the Operational Nucleus of the Information Society) to bridge STEAM education gap in Cape Verde.
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