China edtech company Zuoyebang raises $1.6 billion from investors including Alibaba and Softbank
2020-12-28 16:49:10

Chinese online education platform Zuoyebang announces today that it has closed a $ 1.6 billion Series E+ funding round from investors including Alibaba Group and Softbank Vision Fund, with Tiger Global Management, Sequoia Capital China, and FountainVest Partners also participating.


Investments have been poured into China’s online education sector amid the COVID-19 epidemic, as more students have to study online due to school closure. 

According to the company, its total number of paid livestream class students exceeded 10 million after the summer season, which set an industry record. 

Although much of the growth has been driven by the pandemic, Hou Jianbin, the founder of Zuoyebang, said that online education has been brought into long-run competition, Zuoyebang will continue to focus on K-12 large-sized class and enhance the new business layout.

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