Zuoyebang raises US$1.6bn+ in Series E+ financing
In an announcement made by an online after school education startup - Zuoyebang - the company has raised more than US$1.6bn in a Series E+ financing round. INvestors included Alibaba, Tiger Global, Softbank Vision Fund, Sequoia Capital China, Fountainvest Partners and Ontario Teachers' Pension Plan Board (Ontario Teachers'). Taihecap was Zuoyebang's financial advisor for this round of fundraising.
With its new capital, Zuoyebang has reported that it will continue its focus on “developing its core business of live streaming courses, enhancing its strength in after school education technology and market penetration capabilities, and investing to strengthen and expand its existing product portfolios.”
In June 2020, Zuoyebang completed a US$750mn Seris E funding. Investors included: Fountainvest Partners, Tiger Global, Sequoia Capital China, SoftBank's Vision Fund, Primavera Capital, GGV Capital, Xiang He Capital, Tiantu Capital, and Taihecap.
"Making quality education accessible to all has been Zuoyebang's mission since our inception. It drives our growth and continuous efforts to maintain our leading position in innovation, penetration and scale. The online after school education sector in China is moving into a new phase of development which urges leading players to define the market with high-quality, innovative and sustainable growth. The new capital will enable Zuoyebang to accelerate our growth, going from strength to strength, and to provide better education resources to meet the huge demand in the Chinese market,” commented Hou Jianbin, founder and CEO of Zuoyebang.
Since its founding in 2015, Zuoyebang provides innovative technology via an all round digital apps that hold one of the largest online question database globally in the sector.
Its apps include: Zuoyebang Super App, Zuoyebang Live Courses App, Zuoyebang Oral Arithmetic Calculation App, and YAYA AI Courses App.
Zuoyebang currently has over 50mn daily active users, 170mn monthly active users, and 800mn user-registered devices.
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