During the pandemic, most of the professions have been taken to online platforms. But among all the professions teaching has become one of the most talked and sought after professions. We are talking about online teaching and online teaching platform. And the country at the center of it all is China.
Since the outbreak of the pandemic, we have seen reports of heated competition among china’s top online learning platforms, to become the top of the food chain. As such these companies have been working hard to get investment funding from various top-level funds.
Zuoyebang offers courses, live lessons, and homework help for kindergarten to 12th-grade students. The online learning service claims to be about 170 million monthly active users. In 2020, Zuoyebang’s paid Livestream classes reached more than 10 million, setting an industry record.
According to recent reports from the country, Zuoyebang has raised a $1.6 billion Series E+ from investors including Alibaba Group, Tiger Global Management, SoftBank Vision Fund, Sequoia Capital China, and FountainVest Partners. It is the second time that the company has announced such huge funding, earlier it announced that it raised $750 million Series E led by Tiger Global and FountainVest.
The latest worth of Zuoyebang is estimated to be $10 billion. The only company currently which competes against Zuoyebang is Yuanfudao. The rival announced that it had reached a $15.5 billion valuation after closing a $2.2 billion round led by Tencent. The company is currently the world’s most valuable ed-tech company, surpassing Byjus.