On October 26th, China-based online K-12 education platform 17Zuoye confirmed to file for an initial public offering with the U.S. Securities and Exchange Commission soon. The company intends to complete the listing before the end of 2020.
Founded in 2011, 17Zuoye started its business as a homework tool, serving as a nexus for schools, parents, and students to facilitate the educational experience. Then the company gradually upgraded its position from acting as education tools to providing online courses for family education, competency-based class, and K-12 after-school tutoring demands.
Currently, 17zuoye also acts as a social network for users, having the largest real-name based online teachers’ forum, and WeChat parent’s community. It provides the teachers with useful teaching tools and comprehensive statistics, the students with exciting learning apps and individualized adaptive learning content, and the parents with immediate study reports.
17Zuoye aims to achieve an RMB 2 billion revenue in 2020, consisting of K-12 large-sized class and school procurement. As of now, the company has served nearly 150,000 schools, covering 2.7 million teachers, 27.4 million parents, and 53 million students.
Reviewing its financing history, 17Zuoye has received a total of about 500 million U.S. dollars capital. The latest round was announced in March 2018, a Series E round with 250 million dollars led by Temasek Holdings, and the company has been valued at more than 1 billion dollars after this deal.