JMDedu has been informed recently that Zhangmen 1-on-1(掌门1对1), one of the largest Chinese online tutoring platform, has completed a new funding round with over 400 million dollars. The investors are Vision Fund, Genesis Capital, CPP Investments, IFC, and CMC Capital. For this deal, the company responded by saying no comments.
The latest round disclosed was the E-1 round with completed US$350 million in February 2019, which was regarded as the largest amount in the sector of K12 online 1-on-1 school all-subject tutoring. And since 2014, the company has closed seven rounds of financing.
Founded in 2010, Zhangmen has transformed its business from offline tutoring to online education in 2014, providing online 1-on-1 tutoring services for students from 4 to 18-year-old. As of now, it has served more than 40 million users covering around 600 cities and counties nationwide.