China’s ByteDance to invest in newly-launched education technology business

REUTERS/Dado Ruvic

A senior executive at TikTok owner ByteDance said the company plans to invest “a huge amount” of capital into its newly-established education technology business but warned that the unit will be unlikely to profit in the next three years.

Beijing-based ByteDance has made education technology one of its top priorities alongside short video app TikTok, which is facing scrutiny in Washington over suspicions China could force the company to turn over user data.

Chen Lin, senior vice president at ByteDance, said in an internal speech that the company entered the education technology sector in 2016 via investments and trying out various projects, according to a transcript published by the company on social media.

ByteDance operates one-on-one English tutoring app GoGoKid and online course livestreaming app Qingbei.

Eight-year-old ByteDance‘s revenue mainly comes from its Chinese short video app Douyin and news aggregator Jinri Toutiao The company is a late entrant to China’s education technology market, as industry leader Yuanfudao was founded in 2012 and rival Zuoyebang started up in 2013.

The industry was one of a few sectors that saw its fortunes shine during the coronavirus pandemic as widespread lockdowns in China and school closures forced students to take online classes from home for many months.

Reuters

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.