Softbank-backed Chinese Startup Zuoyebang Raises $750M - Nikkei Asian Review

by asia.nikkei.com posted 8months ago 26 views
TOKYO -- Zuoyebang, the operator of a Chinese online tutoring service backed by SoftBank Group's Vision Fund, on Monday said it raised $750 million from a group of investors, in a sign of continued interest in Asia's online education market. Hong Kong-based private equity firm FountainVest Partners and U.S. investment firm Tiger Global led the series E funding round, which typically refers to a company's fifth major round of fundraising. Existing investors, including SoftBank's Vision Fund and Qatari sovereign wealth fund Qatar Investment Authority, also participated. Founded in 2014, Zuoyebang, which means "homework help" in Chinese, targets kindergartners to 12th-graders.

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