DOUBLE THE UNICORN: Yuanfudao, an online tutoring platform based in Beijing, has raised $300 million from in round led by Chinese internet conglomerate Tencent that values the education company at $3 billion. (This figure is updated from the $250 million tally that EdSurge reported in November 2018.) Other investors include Warburg Pincus, Matrix China Partners and IDG Capital. Tencent also participated in for Yuanfandao’s $120 million fundraise last year.
Founded in 2012, Yuanfudao currently offers live tutoring services covering K-12 school subjects and courses for adult learners, and claims it has over 200 million users. According to The Information, the company earned an estimated 700 million yuan (approximately US $101 million) last year.
Nine-figure funding rounds for Chinese education startups are quickly becoming the norm. This summer, English-tutoring startup VIPKID closed a $500 million investment. Zuoyebang, an online homework-help tool, raised $350 million in July. And K-12 online education startup 17zuoye nabbed $250 million in Series E funding this March.
