Zuoyebang completes US $150 million Series C financing and unveils a new live classroom brand zhibo.zuoyebang.com
BEIJING, Sept. 26, 2017 /PRNewswire/ -- China-based online education platform Zuoyebang announced the completion of a US $150 million Series C financing led by H Capital and joined by Tiger Fund. Sequoia Capital, Legend Capital, GGV Capital and Xianghe Capital were also among the early investors that participated. This is the largest single round ever in the K-12 online education sector. Zuoyebang also announced the relaunch of the brand as zhibo.zuoyebang.com (which means "homework help" in Chinese).
Founded in September 2015, Zuoyebang offers high-quality teaching resources to K-12 students by leveraging technology and the internet, providing a high-quality solution to the demand for educational resources that go beyond and improve upon what is taught in the conventional classroom. Zuoyebang is one of the fastest growing apps of the past two years and has a more than 70 percent market share in the Chinese-speaking world with nearly 60 million monthly active users. At least one-third of primary and secondary students in China are active users of Zuoyebang. According to data from QuestMobile, Zuoyebang ranks first overwhelmingly in terms of monthly and daily active users, new users and user retention, among others indicators.
H Capital founder Chen Xiaohong said, "I've been keeping an eye on online education for a long time and found that the combination of excellent educational resources and internet technologies would create a great company. Zuoyebang has these characteristics. I especially give a shout out to the Zuoyebang team for their pragmatism, low profile and dedication. During the past two years, they have made remarkable achievements in this area. I believe that they will achieve even greater success in the future."
zhibo.zuoyebang.com is an online live course service platform launched by Zuoyebang offering an efficient methodology to students who want to go beyond what is taught in the classroom. Its curriculum covers what is taught at the primary, middle and high school levels. At zhibo.zuoyebang.com, the strong research team has developed a complete scientific system which helps students effectively improve their grade averages through teaching, learning, testing, training and education, by taking the best of all known educational methods. Innovative classroom interaction, excellent teachers and personalized teaching content come together to assure that the student will come away fully equipped to meet and surpass the requirements at his or her grade level. zhibo.zuoyebang.com has, in the last 12 months, been one of the world's fastest growing online classrooms.
Zuoyebang CEO Hou Jianbin said that the company's mission is to deliver the best educational resources to the majority of children with the highest efficiency and lowest cost, which requires not only a reverence for education and a strong sense of responsibility, but also great devotion and patience. "The capital raised in this round will be used for teaching and research, with a focus on improving the quality of education and the learning effects of such an education. We plan to continue developing zhibo.zuoyebang.com to deliver a better learning experience, one that heightens the student's level of interest in the subject being studied as well as the level of retention once the lesson has concluded. At the same time, we will continue to enhance the sense of community that exists among our dedicated team of employees while recruiting additional high quality talent who embrace online education. We will work together to make contributions to China's basic education."