China-based online education platform Yuanfudao has raised $120m in a funding round that included internet company Tencent, China Money Network reported today.
The round was led by private equity firm Warburg Pincus. Yuanfudao’s valuation has not been disclosed.
Founded in 2012, Yuanfudao has developed a range of mobile apps that enable students in primary and secondary education to study for their exams and communicate with teachers. The company claims to have more than 160 million students on its platform.
Yuanfudao was originally known as Yuantiku. It was spun out of social media platform Fenbi in 2014 and Fenbi was subsequently shut down.
Tencent previously supplied $40m in capital in May 2016, following a $60m series D round in 2015 that was co-led by CMC Capital Partners and New Horizon Capital and backed by Matrix Partners China and IDG Capital.
IDG and Matrix previously also participated in Yuanfudao’s $15m series C round in 2014 and a $7m series B round the previous year. IDG led its $1.6m series A round in 2012.