China-based online education services provider Kaochong secured $55m today in a series D round backed by internet group Tencent, China Money Network reported.
Investment management firm Hillhouse Capital led the round, which also included venture capital firm Matrix Partners China.
Founded in 2015, Kaochong provides a range of educational tools to help college students prepare for exams. Its offering includes live classes and practice tests, and study packs organised by subject matter.
Kaochong will put the funding toward improving its product offering. It follows a $29m series C round led by Tencent in March this year.
The company received $8m in a 2016 series B round backed by Matrix Partners China , after attracting an undisclosed amount in a series A round led by Northern Light Venture Capital the previous year.
Li Haoyu, founder and chief executive of Kaochong, was quoted by China Money Network as saying: “Although Kaochong grows fast from the data point of view, we clearly recognise that education is a slow business.
“We will continue to increase investment in teaching and research and use technology to establish higher product barriers.”