Zuoyebang, a Beijing, China-based online after school education startup, raised over US$1.6 Billion in its Series E+ financing.
Backers included from Alibaba, Tiger Global, Softbank Vision Fund, Sequoia Capital China, Fountainvest Partners and Ontario Teachers’ Pension Plan Board (Ontario Teachers’).
The company intends to use the funds to continue to develop its core business of live streaming courses, enhance its strength in after school education technology and market penetration capabilities, and invest to strengthen and expand its existing product portfolios.
Founded in 2015 and led by Hou Jianbin, CEO, Zuoyebang is an online after school education startup, offering a comprehensive suite of online tutoring products and services for students covering all academic subjects. The company has a user base of more than 50 million daily active users, 170 million monthly active users, and 800 million user-registered devices in total.
Driven by its technology and a large online question database with over 300 million questions, the company provides all-round digital solutions via its after school education apps that complement the existing public education curriculum. These include Zuoyebang Super App, Zuoyebang Live Courses App, Zuoyebang Oral Arithmetic Calculation App, and YAYA AI Courses App. Zuoyebang employs over 35,000 staff in China in 11 branches in Xi’an, Hefei, Zhengzhou, Wuhan, Chengdu, Chongqing, Jinan, Changsha, Nanjing, and Shijiazhuang.
Earlier in June 2020, the company completed US$750m in Series E funding, joined by Fountainvest Partners, Tiger Global, Sequoia Capital China, SoftBank’s Vision Fund, Primavera Capital, GGV Capital, Xiang He Capital, Tiantu Capital, and Taihecap.