TutorGroup, a China-based online language learning platform, has raised close to $100m in series B funding. Backers include China e-trader company Alibaba Group, Singapore government-backed investment company, Temasek and Qiming Venture Partners, early to growth stage venture capital firm based in China.
The latest funding round brings the company’s reported raised capital to $115m. The business raised a venture round in 2012 worth $5m from QiMing Venture Partners and the Japan corporate venturing unit of CyberAgent.
With more than 2,000 teachers in 30 countries and 60 cities around the world, TutorGroup provides real-time interactive language learning through millions of class sessions annually. It now claims to be the largest English-language learning institution in the world,. It plans to use the funding to accelerate further growth of its leadership position across Asia, and also expand its presence in the Americas.
TutorGroup forecasts the adult English language-learning segment alone within China is growing at 25% annually, and will grow to more than U.S. $21bn by 2016. Within China alone, TutorGroup expects sales to experience a triple-digit annual growth rate in the years to come.
“TutorGroup has experienced incredible growth since the last round of funding nearly two years ago,” said J.P. Gan, managing partner of Qiming. He continued, “They are the online language learning leader across Asia, and their technology and platform are perfectly positioned to help them expand their lead and further scale, not just in Asia, but in the Americas as well.”
Joe Tsai, executive vice-chairman of Alibaba Group, has made a comparison of the company’s vision to that of Alibaba’s founder. “Just like our founder Jack Ma, a teacher himself who made it a priority to educate our next generation, TutorGroup redefines the experience of learning and has made education more accessible to more people. We are excited to partner with Dr. Yang and the TutorGroup team to take their vision to the next level.”
Launched in 2004, with offices throughout Asia and a core R&D team based in Silicon Valley, TutorGroup created the first commercially available synchronous learning portal in the world, connecting online learners and teachers wherever they are around the globe.
Earlier in January, TutorGroup announced a partnership with former NBA player Yao Ming, who is also focused on improving global education through the Yao Ming Foundation. To kick start this partnership, TutorGroup and Yao will jointly provide 30,000 English-language lessons to students of the Yao Ming Foundation free of charge, delivering English-language lessons across China, including rural areas where finding a quality English teacher can be more difficult. Yao Ming will also be the global spokesperson for TutorGroup.