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SoftBank-backed Chinese startup Zuoyebang raises $750m

Deal highlights continued interest in Asia's online education sector

Zuoyebang has more than 50 million total daily active users and 170 million monthly active users.

TOKYO -- Zuoyebang, the operator of a Chinese online tutoring service backed by SoftBank Group's Vision Fund, on Monday said it raised $750 million from a group of investors, in a sign of continued interest in Asia's online education market.

Hong Kong-based private equity firm FountainVest Partners and U.S. investment firm Tiger Global led the series E funding round, which typically refers to a company's fifth major round of fundraising. Existing investors, including SoftBank's Vision Fund and Qatari sovereign wealth fund Qatar Investment Authority, also participated.

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