China-based online education platform Yuanfudao has received $40m in funding from internet company Tencent, China Money Network reported today, citing local media reports.
Founded in 2012, Yuanfudao operates a mobile app that helps pupils in primary and secondary education prepare for their exams and communicate with teachers. It reportedly has 85 million users.
The company was previously known as Yuantiku, the name of its product that was originally part of Fenbi, a social media platform for students and teachers. Fenbi raised the earlier funding but its founders decided to spin out Yuantiku in 2014 and closed down Fenbi.
Technology research and media firm International Data Group (IDG)’s local VC affiliate IDG Capital Partners contributed to a $60m series D round in March 2015 that was co-led by CMC Capital Partners and New Horizon Capital and backed by Matrix Partners China.
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.