Chinese online education platform Yuanfudao has closed a new $1 billion round of financing led by Hillhouse Capital and followed by Tencent, Boyu Capital and IDG Capital.
The rapid technology development has greatly impacted people's lives. Not only has it changed how people shop, pay, or date, it has also changed how people learn. Online education has come to the forefront in recent years.
Yuanfudao, an online tutoring platform based in Beijing, has raised $300 million from Chinese Internet conglomerate Tencent in a deal that values the education company at $3 billion.