- Online education company Yuanfudao has raised $1 billion in funding led by Tencent Holdings and Hillhouse Capital Group
Chinese online education company Yuanfudao has raised $1 billion in funding led by Tencent Holdings and Hillhouse Capital Group, according to Reuters. Yuanfudao is known for offering online homework and educational plans for students. And it has been ranked as the top app in China for in-app purchases in the education category between January and March as tracked by App Annie.
The online education market has been surging as social distancing has been enforced globally. And schools across China are forcing students to attend classes using the Internet.
Boyu Capital and IDG Capital also participated in the round. And this round of funding gave Yuanfudao a valuation of $7.8 billion. Last year, Yuanfudao raised funding at a valuation of $3 billion so this round more than doubled the size.
Currently, Yuanfudao has 400 million users and it runs 11 teaching and curriculum development centers across China.