HONG KONG -- Chinese online education startup Zuoyebang has raised $1.6 billion in a new funding round that included e-commerce company Alibaba Group Holding for the first time in a sign of high investor appetite for the "edtech" sector amid the COVID-19 pandemic.
Existing backers, including SoftBank Vision Fund, Sequoia Capital's China arm, Tiger Global Management and FountainVest Partners, also participated in the latest round, Zuoyebang said Monday. The inflow comes just six months after the startup brought in $750 million in its fifth fundraising and brings total funding to date to more than $3.4 billion.
