Zuoyebang, China’s leading online after school education start-up, has raised over US$1.6 Billion in its Series E+ financing from investors including Alibaba, Tiger Global, Softbank Vision Fund, Sequoia Capital China, Fountainvest Partners and Ontario Teachers’ Pension Plan Board (Ontario Teachers’). Taihecap was Zuoyebang’s financial advisor for this round of fundraising.
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With the new capital, Zuoyebang will continue to focus on developing its core business of live streaming courses, enhancing its strength in after school education technology and market penetration capabilities, and investing to strengthen and expand its existing product portfolios.
Hou Jianbin, founder and CEO of Zuoyebang, said, “Making quality education accessible to all has been Zuoyebang’s mission since our inception. It drives our growth and continuous efforts to maintain our leading position in innovation, penetration and scale. The online after school education sector in China is moving into a new phase of development which urges leading players to define the market with high-quality, innovative and sustainable growth. The new capital will enable Zuoyebang to accelerate our growth, going from strength to strength, and to provide better education resources to meet the huge demand in the Chinese market.”
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Earlier in June 2020, Zuoyebang completed US$750 million in Series E funding, joined by leading international venture investors including Fountainvest Partners, Tiger Global, Sequoia Capital China, SoftBank’s Vision Fund, Primavera Capital, GGV Capital, Xiang He Capital, Tiantu Capital, and Taihecap.
Since it was established in 2015, Zuoyebang has grown into a leader in China’s online after school education sector. Driven by its innovative technology and the largest online question database globally in the sector – with over 300 million questions – the company provides all-round digital solutions via its popular after school education apps that complement the existing public education curriculum. These include Zuoyebang Super App, Zuoyebang Live Courses App, Zuoyebang Oral Arithmetic Calculation App, and YAYA AI Courses App.
Notably, by integrating AI-enabled functions to give users one-stop access to the whole suite of Zuoyebang products and services, the flagship Zuoyebang Super App remains in top place in the education category of the China Apple App Store, with more than 100 million monthly active users. Zuoyebang’s Paperang Printer, a smart hardware device providing leading error-management solutions which has gained over 7.5 million registered users, also continues to lead market share in its category in China.
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