China-based online education platform Zuoyebang has received $150m in series C funding from investors including Legend Capital, the venture capital firm launched by conglomerate Legend Holdings, China Money Network reported today.
The round was led by VC firm H Capital and included Tiger Global Management, Sequoia Capital, GGV Capital and Xiang He Capital.
Spun out of internet company Baidu in 2015, Zuoyebang operates an online platform aimed at students in primary and secondary education, supplying homework assistance, one-on-one support and videos created by teachers about specific subjects.
The funding will help Zuoyebang improve its offering and hire more staff. Legend Capital, GGV Capital and Sequoia Capital provided $60m in series B capital for the company in September 2016 following a $25m series A round co-led by Legend Capital and Sequoia in 2015.
Chen Xiaohong, founder of H Capital, said: “I have been focusing on online education industry, and I believe the combination of education and internet technology will create great companies.
“Zuoyebang has made significant developments in the past two years, and I believe they have the potential to grow in the future.”