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Tencent-backed homework app raises USD 300 Mn

Dec 26, 2018 by The Passage Team
Tencent-backed homework app raises USD 300 Mn

Yuanfudao, a six-year-old startup, has attracted a line of big-name investors. The company announced this week that it has raised USD 300 million in a funding round led by existing investor Tencent, China’s largest social networking and gaming company.

Other participants from the round include Warburg Pincus, Matrix Partners China and IDG Capital . The fresh injection raised Yuanfudao’s valuation from around USD 1 billion at the time it pocketed USD 120 million in 2017 to exceed USD 3 billion.

A report by research firm iResearch shows that China’s online K-12 market will reach 44 billion yuan, or USD 6 billion, by the end of this year and will more than triple to 150 billion yuan by 2022.

Source: Techcrunch

The Passage Team

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