Yuanfudao, a Beijing, China-based online education platform, closed a US$2.2 billion Series G1 and G2 financing.
The G1 financing round was led by Tencent, with participation from Hillhouse Capital, Boyu Capital and IDG Capital. The G2 financing round was led by DST Global, with participation from CITICPE, GIC, Temasek, TBP, DCP, Ocean Link, Greenwoods and Danhe Capital.
Yuanfudao’s latest financing rounds increased the company’s valuation to US$15.5 billion.
The new funding will allow the company to accelerate new curriculum product development and expand its online education service system.
Founded in 2012, Yuanfudao is committed to enhancing and stimulating the learning experience and interest of Chinese students by providing them with quality education resources through the use of technology. The company has offered a list of online learning products, including live tutoring platform Yuanfudao, Zebra AI Class, online question bank Yuantiku, question searching app Xiaoyuan Souti and arithmetic problem checking app Xiaoyuan Kousuan, etc.
Yuanfudao has established a number of teaching & research centers and branches across China, including in Wuhan, Xi’an, Zhengzhou, Nanjing, Chengdu, Jinan, Changsha, Tianjin, Chongqing, Shenyang, Changchun and Hefei with more than 30,000 employees.