Chinese online education platform VIPKid has raised fresh Series E funding thanks to investment by social-media and entertainment giant Tencent, VIPKid announced Tuesday on its official WeChat public account.
Neither company disclosed the value of the deal, but the Wall Street Journal reported last month that VIPKid would raise $150 million from the funding round, bringing the company’s valuation to $4.5 billion.
Beijing-headquartered VIPKid, whose backers include American basketball legend Kobe Bryant, raised $500 million last June through a financing round led by investors including Tencent, Coatue Management, Sequoia Capital, and Yunfeng Capital, which was co-founded by Jack Ma.
Founded in 2013, VIPKid, which connects mostly North America-based English-language teachers to students primarily in China, said it had more than 700,000 students and over 90,000 teachers on its platform as of August.
Contact reporter Tang Ziyi (email@example.com)