Chinese K-12 online learning and teaching platform – 17zuoye.com has raised $100 million in a Series D round of funding that was led by H Capital, the company told local media.
17zuoye, which means “let’s do homework together” in Chinese, was launched in 2011 and provides an interactive platform for students to learn their subjects.
At that time, it had raised angel funding from a group of investors including Wang Qiang and Xu Xiaoping, followed by a Series A Round, in which it secured $5 million from from Shunwei China Internet Fund.
zuoye.com, which has millions of users including, teachers, students and parents, covers more than 10,000 primary schools in China and has completed two more financing rounds last year. It raised $20 million in July and subsequently in September, it raised another $10 million.
The online education space, though in its early stage, is seeing a big push in China, and offers huge potential for investors.
Last year, Temasek had invested in one of 17zuoye.com’s competitors. The Singapore state-fund had joined Aibaba Group and Qiming Venture Partners, who had jointly pumped in $100 million as part of the second second-round of financing for online language learning company TutorGroup.
CCW Research, in a recent report said that China’s online education industry which was at 82.5 billion yuan ($13.2 billion) in 2014, may hit 96.52 billion yuan ($15.44 billion) in 2015.