Chinese online tutor Zuoyebang raises over $1.6b from Alibaba, SoftBank, others

Photo: Internet Archive

Chinese online tutor Zuoyebang has raised more than $1.6 billion in a new funding round from investors including Alibaba Group and SoftBank’s Vision Fund, the company said on Monday.

Existing investors Tiger Global, Sequoia Capital China and FountainVest Partners have also participated, Zuoyebang said in a news statement, without disclosing its valuation in the round.

In September Reuters reported the new round would value the company at $10 billion.

After the fundraising, Zuoyebang will keep up its focus on classes from kindergarten to grade 12, and double down on education and technology investments to strengthen competitiveness, the statement quoted founder and Chief Executive Hou Jianbin as saying.

Founded in 2015, Zuoyebang says it is China’s biggest online education company, with more than 50 million daily active users and more than 170 million monthly active users.

In June, the company, which is also backed by Chinese search firm Baidu Inc, said it raised $750 million in a financing round led by investment firms FountainVest and Tiger Global.

That round valued the startup at $6.5 billion prior to the funds flowing in.

Reuters

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.