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Zuoyebang lands $1.6B for online education
China-based online learning app Zuoyebang announced that it has raised $1.6 billion in a Series E+ funding round, bringing total known investment to date to around $2.9 billion.
Backers in the round include Alibaba Group, Tiger Global Management, SoftBank Vision Fund, Sequoia Capital China and FountainVest Partners. The latest investment follows a $750 million fundraise in June. The funding comes as online education remains a red-hot sector for venture investment.
Founded in 2014, Beijing-based Zuoyebang focuses on online courses and homework help for kindergarten through 12th grade students and claims around 170 million monthly active users.
- Indian startups brought in $9.3B in 2020: Indian startups raised around $9.3 billion so far in 2020, according to data from research firm Tracxn. The totals are down significantly from 2019, when startups in India brought in an estimated $14.2 billion.
- China orders Ant Group to revamp business: Chinese regulators reportedly ordered fintech giant Ant Group to fix a number of professed business failings. The move follows the government’s intervention to halt the company’s plans for a record-breaking share listing last month.
Illustration: Dom Guzman
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