China-based online education provider TutorGroup Thursday said it had raised about $200 million in a Series C financing round, and the deal values the company at over $1 billion.
The investors in this round include Singapore’s sovereign wealth fund GIC, Russia-China Investment Fund (RCIF) Goldman Sachs and Silverlink Capital LP.
The company said the latest investment round had set a new record in the global education technology industry, and added it would use the proceeds to accelerate its international expansion and enhance its products and services.
Its existing investors include Alibaba, Singapore state fund Temasek, Qiming Venture Partners, SBI Holdings and CyberAgent Ventures.
TutorGroup is an online education platform, and the largest English language learning institution globally. The company claims to have educated students in 40 countries, and hosted more than 10 million classroom sessions. Launched in 2004, it now has offices across Asia and a core R&D team based in Silicon Valley.
“Despite an extremely challenging fundraising environment, we generated significant interest and excitement from some of the world’s top investors, which validates the clear leadership we have established in the online education market and underscores our belief that TutorGroup has the right technology, strategy and team to be the long-term winner in the industry,” said Dr. Ming Yang, Founder of TutorGroup.
“With today’s announcement, we look forward to serving more users through the expansion of our services, as well as continuing to explore how we can extend our platform to other ‘Expert on Demand’ options,” said Jerry Huang, Chief Operating Officer of TutorGroup.