Global private equity firm Warburg Pincus has led a $255-million Series D round in China’s online English tutoring platform DaDa, formerly DaDaABC, Chinese media outlet Jiemian reported.
Existing investors TAL Education Company, an education and technology firm listed on the New York Stock Exchange, and Yonghua Capital, also participated in the round.
Established in 2013, Shanghai-based DaDa operates an artificial intelligence-powered online-streaming portal that helps K-12 children aged 4 to 16 to learn English from native speakers. It tailors its services to follow overseas curriculum, partnering with the American TESOL Institute, Pearson Test of English.
Last November, Warburg Pincus was said to raise as much as $13.75 billion – its largest amount to date – for its upcoming Global Growth Fund.
In Asia, the firm recently invested $181 million into Hong Kong-based Weave Co-Living with an option to hike its stake up to $413.5 million in the future. With a total AUM of $47 billion, Warburg Pincus entered Asia in 1994, and has since invested over $17 billion in more than 170 companies in China, India and Southeast Asia.
Chinese education startups are continuing to pull in massive funding rounds. Recently, Beijing-based online tutoring firm Yuanfudao has raised $300 million in its latest round of funding at a valuation of over $3 billion.
The funding round was led by Tencent Holdings and joined by Warburg Pincus, Matrix Partners China and IDG Capital.
Chinese online education company Zuoyebang also raised $350 million in its series D financing. The fresh round of financing is part of the company’s broader efforts to promote educational resources to more students across China through advanced technologies.
The fundraising was led by global investment management firm Coatue, with Goldman Sachs, Primavera Capital Group, Sequoia Capital China, GGV Capital, Xiang He Capital, Tiantu Capital, NEA and TH Capital among the investors.