(Updated 3/26) 17 GOING ON 200: 17zuoye, a Beijing-based K-12 online education company, has raised $250 million in a Series E round led by Temasek, a state-owned Singaporean investment firm, according to a press release issued by the company. Other investors include CITIC Private Equity Funds Management and Shunwei Capital.
Founded in 2007, 17zuoye (which in Chinese means “homework together”) offers online exercises and assessments for math and English that teachers can assign to students and grade. Parents are also kept in the loop about their kids’ homework and progress. As of February 2018, the company claims it has been used by over 60 million users across 120,000 schools.
The company also offers what it calls means “intelligent supplementary textbooks” and live online tutoring services, which are its main revenue streams. The new funding is aimed at helping the company expand into middle- and high-school markets.
An earlier report from DealStreetAsia says that the company had raised $200 million for this round, a figure that has since been updated by 17zuoye. The company has now raised more than $385 million.
