Tutor App Zuoyebang Raises $750M from Tiger Global, FountainVest
Chinese online learning platform Zuoyebang announced on Monday it raised $750 million, showing continued investor interest in China’s education technology market.
US investment firm Tiger Global and Hong Kong-based private equity firm FountainVest Partners led the Series E financing round. Existing investors such as SoftBank’s Vision Fund, Sequoia Capital China, Xiang He Capital and Qatari sovereign wealth fund Qatar Investment Authority also participated.
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As the biggest K12 online education platform in China, Zuoyebang, which means “help homework” in Chinese, targets learners from kindergarten to 12th grade. The startup claims to have more than 170 million monthly active users.
Founded in 2014, Zuoyebang started as a platform under Chinese search giant Baidu where students could search for answers for their homework. Zuoyebang separated from Baidu a year later, though Baidu remains a shareholder in the company.
Zuoyebang offers online and livestreamed courses, as well as enabling users to photograph their homework problems and submit them to artificial intelligence to solve.