ALL HAIL THE CHINESE UNICORN: Indeed, another education technology company has now evolved into Silicon Valley’s mythical creature. This one hails from the Far East: TutorGroup, a Shanghai-based provider of online language training, has raised nearly $200 million in a Series C round from investors that include Singaporean sovereign fund, GIC, the Russia-China Investment Fund, Goldman Sachs and Silverlink Capital LP. Existing investor, Temasek, also participated in this round—which puts TutorGroup’s valuation at over $1 billion.
The company boasts a network of more than 4,500 teachers across 60 countries. The lion’s share of learners hail from China and East Asia, where millions of children and working professionals use the platform to connect with tutors for English lessons. TutorGroup also offers its platform for Chinese language learners in over 30 countries.
The company boasts technology that can match the right tutors and content with students based on their language abilities. There’s also an “Expert on Demand” service where learners can connect with subject experts to learn vocabulary relevant to their profession. Bank managers, for example, “don’t want to learn ‘ball’ and ‘pen’,” Jerry Huang, Chief Operating Officer of TutorGroup, tells EdSurge. “They want to know cash flow statements, profit and loss....They want to be able to learn a new language in the context of their work.”
Founded in 2004, TutorGroup has now raised over $315 million. Bank of America Merrill Lynch advised on this deal. More details in the release.