36Kr reports today that the online education service provider Yuanfudao has raised $300 million in new funding round from Yunfeng Capital, a private equity firm established in early 2010 and named after its co-founders Mr. Jack Ma (Yun), Executive Chairman of Alibaba Group, and Mr. David Yu (Feng), founder of Target Media.
“That’s basically true and is part of our financing plan. We’ll unveil an official announcement later.” Yuanfudao responded to JMDedu. And this will be Yuanfudao’s third funding round this year.
According to 36Kr, the company generated total revenues of RMB 10 billion ($1.53 billion) in 2020, becoming the highest-grossing player in the competitive online education sector.
Founded in 2012, the company now has aggregated a large database of K12 study behavior and built up a product matrix including Yuanfudao, Yuantiku(Question Bank), Xiaoyuansouti(online answer book product), Xiaoyuankousuan(homework product), and Zebra AI Class, meeting students’ demand by leveraging AI and big data in educational scenarios besides live broadcasting.