Shanghai-based education company Zhangmen has raised $400 million in a funding round from investors including SoftBank, Canada Pension Plan Investment Board, International Finance Corporation (IFC), Genesis Capital, and CMC Capital, KrAsia has reported.
Zhangmen’s app has 40 million users in China offering one-on-one tutoring in all school subjects ranging from kindergarten to high school.
Founded in 2005, Zhangmen initially offered after-school training in classrooms, but shifted to online courses in 2014.
The company completed a Series E round in February 2019 raising $350 million from investors including CMC Capital and IFC.
Date published: 6 October 2020