Chinese online education platform Yuanfudao said on Tuesday it has raised $1 billion in a new financing round, led by Tencent Holdings and private equity firm Hillhouse Capital Group.
Offering online courses and homework plans to students, Yuanfudao ranked first in China in-app purchases in the education category between January and mid-March, according to mobile app performance tracker App Annie.
Its focus on online learning puts it in one of the few sectors that have seen a surge in investor interest as the coronavirus and school closures force students in China to attend classes via the internet.
