Temasek participates in Chinese edu site’s $100m Series D round

Screenshot of Chinese education website 17zuoye.com homepage

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.

The other investors in the round include Singapore state-fund Temasek Holdings, DST Advisors and Shunwei Capital Partners. The latest financing deal values the startup at $600 million.

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.

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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.

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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.

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Singapore Reporter/s

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).

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

  • 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.

Singapore Reporter/s

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).

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

  • 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.