Chinese online education app Zuoyebang raises $1.6 billion from investors including Alibaba – TechCrunch

The rivalry between China’s top online learning app has intensified this year due to the COVID-19 epidemic. The latest company to score an important funding round is ZuoyebangWhich which Toda announcedy (link in Chinese) that it has raised a $ 1.6 billion Series E + from investors including the Alibaba Group. Other participants included investors Tiger Global Management, SoftBank Vision Fund, Sequoia Capital China and Fountainwest Partners.

Of Zuoyebang The latest announcement comes exactly six months after the announcement of the $ 750 million Series E, led by Tiger Global and Fountainwest. The latest financing brings the total amount of Zuebung to $ 2.93 billion so far. The company did not disclose its latest price, but Reuters Reported in september It was rising to a valuation of $ 10 billion.

One of Zuoyabung’s main competitors is Yuanfudao, which announced in October that it had reached a valuation of $ 15.5 billion after closing the $ 2.2 billion round led by Tencent. This surpassed Yuanju as the world’s most valuable ad-tech company. Another popular online learning app in China is Yiqizuoye, supported by Temasek of Singapore.

Zuoyebang offers online courses, live lessons and homework help for kindergarten to 12th grade students, and boasts about 170 million monthly active users, of which around 50 million use the service each day. In comparison, China had about 200 million K-12 students in 2019, According to the Ministry of Education (Link in Chinese).

In Fall 2020, the total number of students in Xuyeobung’s live-stream classes exceeded 10 million, setting an industry record, the company claims. While much of the growth was driven by the epidemic, Zoyabang founder Hou Jianbin, in announcing the company’s funding, said it expects online education to continue in the long term, and invest in K-12 classes and its own unique categories Will expand