Private equity firm Yunfeng Capital has invested $300m in Yuanfudao, a China-based online education provider that counts internet group Tencent as a backer, KrAsia has reported.
Yuanfudao combines a number of products including a livestreamed tutorial platform under its own brand, mathematics problem solving app Xiaoyuan Kousuan, online homework question repository Yuantiku and question search app Xiaoyuan Souti.
The company confirmed in October this year that it had closed a $1.2bn series G round led by investment firm DST Global and backed by Citic PE, GIC, Temasek, Trustbridge Partners, DCP Capital, Ocean Link, Greenwoods Investment and Danhe Capital at a $15.5bn post-money valuation.
The round followed a $1bn series G1 round co-led by Tencent and Hillhouse Capital seven months earlier that included Boyu Capital and IDG Capital, reportedly valuing Yuanfudao at $7.8bn.
Yuanfudao had raised a total of about $84m from investors including IDG Capital, Matrix Partners China, CMC Capital Partners and New Horizon Capital before Tencent provided a further $40m in 2016.
Tencent returned for a $120m round led by Warburg Pincus in 2017, and both came back for a $300m round in late 2018 alongside Matrix Partners China and IDG Capital, the cash being supplied at a valuation topping $3bn.
