CHINA – Zuoyebang, a Beijing, China-based online education technology company, raised $750M in funding.
The round was led by FountainVest Partners and Tiger Global, joined by Qatar Investment Authoroty, Sequoia Capital China, SoftBank Vision Fund 1, Tiantu Capital, and Xianghe Capital. The company intends to use the funds to invest in the research and development of the product and to improve its services, as well as to create the best learning experience for users. Founded by Chinese search engine giant Baidu (BIDU.O) in 2014 and spun off in 2015 and led by Jianbin Hou, founder and CEO, Zuoyebang is an online tutoring startup which enables Chinese students to upload their homework questions and search for answers on its platform with the help of artificial intelligence. According to the company’s internal data, its daily active users has reached over 50 million and monthly active users are over 170 million, which brings its overall active users to 800 million. 02/07/2020
