Warburg Pincus leads $255m Series D round in China’s English tutoring platform DaDa

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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.

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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.