Chinese edtech platform Yuanfudao has landed $2.2 billion in funding, the company announced Thursday.
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Yuanfudao’s platform offers live courses and provides tutoring options for students. The company, which is based in Beijing, was founded in 2012.
The funding, split into G1 and G2 rounds, brings Yuanfudao’s valuation to $15.5 billion and will allow the company to expand its online edtech system and develop new curriculum products, according to a statement from Yuanfudao.
Tencent led the G1 funding round with participation from Boyu Capital, Hillhouse Capital and IDG Capital. DST Global led the G2 funding round with participation from GIC, CITICPE, Temasek, TBP, DCP, Ocean Link, Danhe Capital and Greenwoods.
The funding comes as edtech–and the need for edtech–draws more attention. With the COVID-19 pandemic driving much of learning online, the space has drawn increased interest from those in the education community and investors. Yuanfudao is a major player in edtech in China, and will be an official sponsor of the Winter 2022 Olympics in Beijing.
About 3.7 million students use Yuanfudao’s regular-priced courses, according to the company, and it has teaching and research centers across China.
Illustration: Li-Anne Dias