Yuanfudao, a China-based online education platform developer backed by internet group Tencent, has raised $1bn in a series G2 round led by investment firm DST Global, LatePost reported yesterday.
The round also featured seven or eight other investors and valued the company at $15.5bn post-money.
Founded in 2012, Yuanfudao offers livestreamed online courses for students at primary and secondary school level in addition to professional training for adults.
Reuters reported last month that Tencent, Hillhouse Capital and Boyu Capital were set to participate in a $1.2bn round for the company at a $13bn valuation, and LatePost stated that round had in fact closed prior to the latest funding.
Tencent and Hillhouse Capital had co-led a $1bn series G round for Yuanfudao in March this year that also featured Boyu Capital and IDG Capital at a $7.8bn valuation.
The company secured $300m in a Tencent-led round in early 2018 featuring Warburg Pincus, Matrix Partners China and IDG Capital, the year after raising $120m from investors including Tencent and Warburg Pincus.
Tencent, IDG Capital, Matrix Partners China, CMC Capital Partners and New Horizon Capital had supplied $100m for a series D round Yuanfudao closed in 2016, following almost $24m in earlier financing from investors including IDG Capital and Matrix Partners China.
Yuanfudao raised the money amidst a boom time for Chinese online educators, and LatePost reported that one of its peers, Zuoyebang, is lining up $700m to $800m in a round that will value it at $11bn. It most recently received $750m from investors including corporates Baidu and SoftBank in June this year.
