MO’ MONEY, MO’ DRAMA: Most fundraise announcements are accompanied by fanfare. This one comes with a twist.
Zuoyebang, the Beijing-based developer of a mobile app that helps students ask and answer questions, has raised $150 million in a Series C round led by H Capital, with Tiger Global Management, Sequoia Capital, Legend Capital, GGV Capital and Xianghe Capital also participating. The company, whose name translates literally as “homework help,” has now raised more than $235 million and claims 60 million active users each month.
But on the same day of the announcement, its competitor, Yuansouti, accused the company of posting pornographic spam on its app, TechNode reports. Yuansouti claims it has traced the origins of these obscene messages to 5 IP address linked to Zuoyebang’s offices and CEO.
