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Education

Chinese online learning app enlists Alibaba in $1.6bn fundraising

Zuoyebang has seen rapid user growth amid coronavirus-induced school closures

Zuoyebang has amassed more than 170 million monthly active users -- including 50 million over the past year -- and over 12 million paid subscribers.

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.

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