Chinese online education platform Zuoyebang has completed a US$750 million series E round financing co-led by Tiger Global Management and FountainVest Partners.
Sequoia Capital China, Xiang He Capital, Tiantu Capital, SoftBank Vision Fund, and Qatar Investment Authority also participated in the round.
Zuoyebang is the largest K12 online education platform in China. It is committed to using technology to help inclusive education and solve the "pain points" in the field of education. Zuoyebang’s apps focus on providing assistance to K12 students on their homework, including problem search, one-on-one Q&A, teacher live streaming videos and homework evaluation.
The company claims that its total daily active users of all products exceed 50 million, monthly active users exceed 170 million, and cumulative active users exceed 800 million.
Hou Jianbin, founder and CEO of Zuoyebang, said that China’s online education is accelerating, but the quality of products and services is always at the core. After this financing, Zuoyebang will continue to invest in course services and product development to create value for users, and at the same time will increase the exploration of new models and new businesses.
In July 2018, Zuoyebang raised US$350 million in series D financing round led by technology-focused hedge fund Coatue Management.
In 2017, the company completed a US$150 million series C round led by H Capital with participation from Tiger Global Management LLC., Sequoia Capital, Legend Capital, GGV Capital and Xianghe Capital.
In 2016, the company raised a US$60 million series B round led by GGV Capital with participation from Sequoia Capital and Legend Capital. In 2015, it raised an undisclosed series A round from Sequoia Capital and Legend Capital.