- General
- July 18, 2018
- 3 minutes read
Chinese education platform Zuoyebang nabs $350 million Series D funding from Coatue, Sequioa, Goldman Sachs and others
Chinese tech giant Baidu’s online education arm Zuoyebang has raised a huge Series D round of $350 million from several…
Chinese tech giant Baidu’s online education arm Zuoyebang has raised a huge Series D round of $350 million from several notable names with the round being led by U.S. major technology investing hedge fund Coatue Management and also saw participation from the likes of Sequioa Capital China, Goldman Sachs, New Enterprise Associates, GGV Capital and 3 others.
This investment brings the total raised by Zuoyebang to $585 million across 4 rounds with the most previous round being a $150 million Series C funding led by VC firm H Capital also notable for participating in various rounds in major tech companies including Ed-tech unicorn 17zuoye, Meitu Inc and e-commerce company Koudai which last raised $350 million.
Zuoyebang’s platform has grown rapidly with the digital learning service currently counting over 70 million users who gain the ability to upload homeworks and problems online and get answers from teachers with a live-streaming education video platform which currently counts over 5 million users.
Chinese technology giants Baidu, Alibaba, JD and Tencent have made several of its services stand out as an independent business entity with the arms gaining huge investment from outsiders in recent times as seen in JD Finance’s recent raise of $2 Billion and several of the company’s units including the spin-off of China Literature from Tencent which now counts a huge market cap of over $8 Billion and a reported upcoming IPO of Tencent Music in the U.S. aiming for valuation of $30 Billion.
The ed-tech space has been flush with much activity as of late with Indian based e-learning startup Unacademy just recently closing a $21 million funding round along with Chinese Ed-tech startup VIPKid which raised an enormous $500 million last month at a valuation of over $3 Billion.