Tencent-backed edtech platform Yuanfudao may close new round at $7.5b valuation

Tencent-backed edtech platform Yuanfudao may close new round at $7.5b valuation

Photo: Internet Archive

Chinese online education platform Yuanfudao, which is backed by tech giant Tencent Holdings, is close to completing a financing round that would value it at around $7.5 billion, two people familiar with the matter said.

The talks make Yuanfudao, which was founded in 2012 and offers online courses and homework plans to students, a rare bright spot of activity in the deal-making world, which has largely dried up as the coronavirus pandemic has suspended most travel and business meetings.

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