Stateside Adventures, the only American-owned camp operator in China, has recently raised tens of millions of yuan in its A-round financing, backed by Wuyuan Capital and existing investor Realize Capital, 36Kr reported.
Established in 2010, Stateside Adventures started out by cooperating with local camps and recruiting students for more than 50 camps in the country. It later expanded its business to Canada, Australia and Japan. In China, the company has launched three self-operated camps in Beijing, Shanghai and Qiandao Lake near Hangzhou.
The camp education business has been around for 150 years and there are currently 12,000 summer camps in the US. American Camp Association’s data showed that more than 10 million teenagers from all over the country participate in summer camps every year, putting the annual value of the industry at around USD 15 billion.
Since Stateside Adventures launched its product, it has been reporting increases in all key indicators. In 2018, the number of students enrolled in the company’s programs tripled year on year to 3500. The gross profit margin was nearly 50%, and the operating revenue was about RMB 30 million.
With this new round of financing, the company will focus on expanding camps, extending curriculum schedules and adding new products.
In November 2017, Stateside Adventures secured tens of millions of yuan in its Pre-A round funding led by Realize Capital.