QIA invests in Beijing-based Zuoyebang
Source: Tech Crunch
Zuoyebang, a Beijing-headquartered startup that runs an online learning app, said on Monday it has raised $750 million in a new financing round as investors demonstrate their continued trust in -- and focus on -- Asia’s booming edtech market.
U.S. investment firm Tiger Global and Hong Kong-based private equity firm FountainVest Partners led the six-year-old startup’s Series E financing round. Existing investors -- including SoftBank’s Vision Fund, Sequoia Capital China, Xiang He Capital and Qatar Investment Authority -- also participated in the round, which brings the startup’s to-date raise to $1.33 billion.
The app, which offers online courses and runs live lessons, also allows students to take a picture of a problem, upload it to the app and get its solution. The startup claims it uses artificial intelligence to identify the question and its answer.
Zuoyebang, which targets K-12 students enrolled in the national compulsory education system, has amassed 170 million monthly active users, about 50 million of whom use the service each day, the startup said in a post (in Chinese). More than 12 million of these users are paid subscribers, it said. For comparison, China had about 200 million K-12 students in 2019, according to the Ministry of Education (in Chinese).