Vipkid, a Beijing, China-based online English education company, raised $200m in series D financing.
The round was led by Sequoia Capital with participation from strategic investor Tencent (which has also announced a strategic partnership with Vipkid in the areas of cloud computing, artificial intelligence, online education, and education for the social good) as well as existing shareholders Yunfeng Capital, Matrix Partners China and Zhen Fund.
Founded in October 2013 by Cindy Mi, CEO, Vipkid provides an online English language education platform connecting learners with teachers. As of August 2017, the company has more than 20,000 teachers delivering daily lessons to 200,000 paying students from 32 countries.
Vipkid has also launched Lingo Bus, a new platform for children to learn Mandarin online.
Monthly revenue reached a record high of RMB 400 million (US $60 million) in July 2017, increasing the projected annual revenue to RMB 5 billion (US $750 million).
The funds will be used to enhance its educational offerings including its teaching quality, development of contextualized textbooks and user experience of online classrooms, to promote Lingo Bus, a new platform for children to learn Mandarin online, to increase social contribution through philanthropic initiatives. Through its partnership with the Jack Ma Foundation, Vipkid will expand its online English education program in rural China from five to 100 schools this year.