China-based online tutoring service Zuoyebang closed a $750m series E round today that included telecommunications and internet group SoftBank’s Vision Fund, according to a company post on WeChat.
Private equity fund FountainVest Partners and investment firm Tiger Global Management co-led the round, which also featured Qatar Investment Authority, Sequoia Capital China, Tiantu Capital and Xiang He Capital.
Zuoyebang operates a platform where users can access online courses and homework assistance in addition to live tutoring conducted through video. It claims 170 million monthly active users, 50 million daily active users and roughly 12 million paying subscribers.
The company was formed by internet group Baidu in 2014 and spun off the year after. It has not confirmed a valuation for the round, but sources told Reuters earlier this month it was in discussions to raise funding at a $6.5bn pre-money valuation.
The round brought Zuoyebang’s overall funding to more than $1.5bn, including a reported $25m in a 2015 series A round co-led by Legend Capital, the venture capital firm spun off by conglomerate Legend Holdings, and Sequoia China. They joined GGV Capital to invest $60m the following year.
H Capital subsequently led a $150m series C round for the company in 2017 that included Legend Capital, Sequoia China, GGV Capital Tiger Global and Xiang He Capital.
Zuoyebang added $350m in a mid-2018 series D round led by Coatue Management and backed by Goldman Sachs, Sequoia China, GGV Capital, Xiang He Capital, Tiantu Capital, Primavera Capital Group, New Enterprise Associates and Taihe Capital, at a valuation of up to $3bn.
