Zuoyebang, a Beijing-headquartered startup that runs an online see app, said on friday it has raised $750 million in a new financing round as investors demo their continued confidence in — and are concentrated on — Asia’s boom edtech market.
U.S. investment firm Tiger Global and Hong Kong-based private equity firm FountainVest Partners resulted the six-year-old startup’s Series E financing round. Existing investors including SoftBank’s Vision Fund, Sequoia Capital China, Xiang He Capital, Qatar Investment Authority also participated in the round, which brings the startup’s to-date promote to $1.33 billion.
As we have previously noted in our coverage, Zuoyebang’s app aids students — straying from kindergarten to 12 th-grade — solve problems and understand complex concepts.
The app, which offers online courses and leads live instructions, too tolerates students to take a picture of a problem, upload it to the app, and get its solution. The startup claims it exploits artificial intelligence to identify the question and its answer.
Zuoyebang , which targets K12 students enrolled in the national compulsory education system, has amassed 170 million monthly active useds, about 50 million of whom use the service each day, the startup said in a affix( in Chinese ). More than 12 million of these users are paid subscribers, it said. For similarity, China had about 200 million K12 students in 2019, according to the Ministry of Education( in Chinese ).
The announcement today further illustrates the opportunities investors are seeing in the online education sector in Asia. Last-place week, Indian edtech giant Byju’s announced it had received fresh monies from Mary Meeker’s fund, Bond.
SoftBank weighs Zuoyebang among its 88 portfolio startups that have demonstrated growth in recent quarterss. Zuoyebang was founded by Baidu in 2015. A year later the Chinese search giant spun off Zuoyebang into an independent startup.
Zuoyebang emulates with a handful of startups in China, including Yuanfudao, which offers a similar service. In March, Yuanfudao said it had assured$ 1 billion in a financing round led by Tencent and Hillhouse Capital. The startup was estimated at $ 7.8 billion at the time. Reuters reported earlier this month that Zuoyebang could be valued at $6.5 billion in the new financing round.
According to experiment firm iResearch, the online education sell in China could be worth $81 billion in two years.
Read more: feedproxy.google.com