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.
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.
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