What happened: Shenzhen-based STEAM education solution provider Makeblock announced that they have raised RMB 300 million in series C funding, led by CICC Alpha, valuing the company at RMB 2.5 billion. According to the company, the funds will be mainly used for research and development. The company said it will launch more affordable products in the future, targeting at regular families.
Why it’s important: STEAM education’s global market is mature as China’s market just started growing. Makeblock’s overseas revenues made up 70 percent of the company’s revenues in 2016. However, seeing the potential of China’s STEAM education market, the company has been trying to increase its market share in the domestic market and expect to increase its percentage in the company’s overall revenues.