The Chinese firm mentioned in a launch that its sequence E funding spherical additionally attracted different traders, together with SoftBank’s Vision Fund, Qatar Investment Authority, Sequoia Capital China, Tiantu Capital and Xiang He Capital.
Zuoyebang, which was based by search engine big Baidu in 2014 and spun off in 2015, says it has greater than 50 million every day lively customers and over 12 million paid customers. Its present traders embody Goldman Sachs, Coatue Management and GGV Capital.
Reuters reported earlier this month that the five-year-old firm was in talks to lift $600-800 million in a brand new funding spherical, at a valuation of $6.5 billion previous to the funding.
The fundraising comes as schooling know-how, generally known as “edtech”, is among the few sectors that thrived within the pandemic as college students have been requested to take on-line lessons from residence after China imposed a lockdown.
Students in China can add their homework questions and seek for solutions on Zuoyebang’s platform, which makes use of synthetic intelligence. The firm has additionally launched live-streaming programs.
In 2018, the startup raised $350 million at a valuation of lower than $three billion, researcher Hurun mentioned.
Yuanfudao, the principle competitor of Zuoyebang in China, mentioned in March it had secured $1 billion in a brand new spherical of financing that valued the corporate at $7.eight billion.
Zuoyebang additionally competes with different Chinese “edtech” startups, together with 17zuoye, Koolearn Technology and TAL Education Group.