(Yicai Global) Dec. 28 -- Online learning app Zuoyebang secured USD1.6 billion in Series E+ funding last week, on top of the USD750 million it raised in June, as China’s e-teaching sector continues to be the darling of investors, tech news site 36Kr reported today.
Participants included Chinese e-commerce giant Alibaba Group Holding, US investment firm Tiger Global Management, Chinese venture capital firm Sequoia China, Japan’s SoftBank Vision Fund and Hong Kong private equity fund FountainVest Partners.
Investors were keen to lock in a deal as soon as possible, the report said. The platform had a value of USD6.5 billion prior to the June fundraising, Reuters reported earlier.
The Covid-19 pandemic has given online tutors an unexpected prolonged boost as many schools continue to promote home learning. Zuoyebang’s operator Boat Out of Sea Education Technology now employs 35,000 staff, up from 3,000 at the start of 2019. Just last month it took on another 8,000.
Beijing-based Zuoyebang, which roughly translates as ‘homework assistant,’ has 50 million daily active users and has been downloaded on over 800 million devices. It lets students upload questions to its app to search for answers online. It also provides students with a variety of online education products, including live lessons.
Editor: Kim Taylor