Yuanfudao becomes most valuable edtech with $15.5b valuation
Yuanfudao has become the world’s most valuable edtech company after it raised $2.2 billion in new financing, raising its valuation to US$15.5 billion.
Yuanfudao is China’s leading online education platform, and has now attained the status of the world’s most valuable technology-driven education provider, despite being founded just eight years ago.
It recently announced the closure of its Series G1 and G2 financing rounds, which were each led by Tencent and DST Global respectively.
With this new funding, Yuanfudao will continue to capitalize on its educational technology, while also accelerating the development of its new curriculum products, and expanding the online education service system that it offers to students.
The COVID-19 pandemic has seen increased emphasis laid on e-learning and has driven edtech companies to witness rapid growth and expansion during 2020.
Recently, Indian executive education provider Eruditus Group announced it had raised $113 million in Series D funding including secondary sales, while American online learning platform Skillshare landed $66 million in Series D funding.
Approximately 3.7 million students currently access Yuanfudao courses
The online learning products that Yuanfudao offers includes its live tutoring platform Yuanfudao, the Zebra AI Class, the online question bank Yuantiku, and its app Xiaoyuan Souti and Xiaoyuan Kousuan.
Currently, approximately 3.7 million students use the company’s platform to access its courses.
From its Beijing headquarters, Yuanfudao has established branches across China, including locations in Wuhan, Xi’an, Zhengzhou, Nanjing, Chengdu, Jinan, Changsha, Tianjin, Chongqing, Shenyang, Changchun and Hefei.
The company has over 30,000 employees, and this number is due to grow – in March this year Yuanfudao announced that it will create an additional 10,000 jobs across China and 5,000 jobs in Wuhan, as part of its support for the country’s COVID-19 recovery efforts.
In July this year, the Beijing Winter Olympics Organizing Committee made the announcement that Yuanfudao would be an official sponsor of the city’s 2022 Winter Olympics. This is the first time in history that an online edtech provider will sponsor an Olympic games.
Josephine Walbank is a reporter for Global Education Times (GET News) with a focus on education in the UK, Asia-Pacific, and Americas, and student experience and lifestyle news.
Josephine is an experienced journalist who previously served as the Editor-in-Chief of The Falmouth Anchor. She is also the former Deputy Editor of Voices, the Falmouth & Exeter Students’ Union’s publication, and has written for various food and lifestyle publications.
You can reach her at email@example.com