Chinese e-learning startup Zuoyebang raises $1.6 billion

Monday, 28. December 2020 11:18

Chinese education startup, Zuoyebang, announced on Monday that it raised $1.6 billion in its latest funding round which saw it receive investments from giants such as Alibaba Group and SoftBank's Vision Fund 1. However, the company did not disclose its current valuation, despite earlier reports valuing it at $10 billion.

Other investors in the education platform, which has become popular amid widespread coronavirus lockdowns, include Tiger Global Management, FountainVest Partners and Sequoia Capital China.

Zuoyebang began as a part of Q&A website Baidu Zhidao, but is now an e-learning platform that is used by 370,000 schools in China. Earlier this year, the company raised $750 million.

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