Yuanfudao, one of China’s largest online education companies, has raised $1bn from investors including Tencent and Hillhouse Capital.
The fundraising, which values the company at $7.8bn, underscores how the coronavirus outbreak has boosted Asian “edtech” start-ups as millions of students have been prevented from attending school.
Yuanfudao, which offers online education products for K-12 students, said it saw a ten-fold increase in users over the past two months compared to the same period last year. The company suffered a two-hour system crash last month after 5m people took up its offer of free live courses.
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