Yuanfudao, a Beijing-based K-12 online courses and homework platform, has raised $1 billion in a new financing round, led by Tencent Holdings and Hillhouse Capital Group. Boyu Capital and IDG Capital also participated in the round.
The company’s products include online tutoring, learning activities and exercises and a question bank. Subjects include math, English and programming, according to a translated version of Yuanfudao's website.
The round brings Yuanfudao’s valuation to $7.8 billion, according to Reuters. The company, founded in 2012, claims it has 400 million users and 11 teaching and curriculum development centers across China.
Other Chinese edtech companies to capture investor interest recently are Shanghai-based online language and math tutoring provider iTutorGroup and Gaosi Education, a similar company that closed a $140 million Series D round last year.
