RED ENVELOPES: It’s a Chinese tradition to ring in the new year with red envelopes stuffed with cash. This week, a pair of Chinese online education companies raised separate nine-digit rounds just a day apart.
DadaABC, a Shanghai-based developer of a platform that helps students learn English from native speakers online, has raised $100 million in a Series C round led by Tiger Global Management and TAL Education.
Zhangmen, an online tutoring startup that connects primary- and middle-school students with teachers from top-tier Chinese universities for online tutoring sessions, has raised $120 million in a Series D round from Genesis Capital and private equity firm, Warburg Pincus.
