Chinese Online Tutor Zuoyebang Raises $1.6 Billion in New Funding - Caixin Global
Summary
Beijing-based online tutoring startup Zuoyebang on Monday said that it completed a new funding round of more than $1.6 billion, in the latest sign of investors’ growing interest in an industry that has flourished since coronavirus-induced lockdowns increased the popularity of e-learning platforms earlier this year. Alibaba, Tiger Global Management, SoftBank’s Vision Fund 1, Sequoia Capital China and FountainVest Partners are among the investors, Zuoyebang said, without disclosing its valuation in the latest fundraising. Zuoyebang CEO Hou Jianbin said that the new funds will be used to develop new products for K-12 students and apply new technologies to its services. Being one of leading players in China’s booming online education market targeting K-12 students, 6-year-old Zuoyebang has found favor with venture capitalists this year. Monday’s announcement comes just six months after Zuoyebang raised $750 million in its series E funding round led by FountainVest Partners and Tiger Global Management.