Zuoyebang, the China-based educational help service spun off from internet group Baidu, has raised $350m in a series D round led by investment manager Coatue Management, China Money Network reported today.
Investment banking firm Goldman Sachs also took part in the round, as did venture capital firms Sequoia Capital China, GGV Capital, Tiantu Capital, New Enterprise Associates and Taihe Capital, investment firm Primavera Capital Group and VC fund Xiang He Capital.
Originally formed in 2014 as part of Baidu’s online question-and-answer service, Baidu Zhidao, before being spun off the following year, Zuoyebang is an online platform where students can seek help and advice for school assignments.
The platform has 70 million monthly active users and allows students to upload photographs of homework, seeking advice from qualified teachers. It also has a video-based education platform called Yike that has secured some 5 million paying subscribers.
Sequoia China and Legend Capital, the VC firm launched by conglomerate Legend Holdings, co-led a $25m series A round for Zuoyebang in 2015 before returning for a $60m series B co-led by GGV Capital and Xianghe Capital in September 2016.
Zuoyebang’s last funding came in a $150m series C round led by VC firm H Capital in August 2017 that also featured Legend Capital, Sequoia Capital, GGV Capital, Xiang He Capital and hedge fund sponsor Tiger Global Management.