Online education platform Huohua Siwei has raised $100 million in a Series E2 round led by Chinese multinational technology conglomerate Tencent, with participation from US private equity, asset management and financial services corporation Carlyle Group and ed tech company Yuanfudao, 36Kr has reported.

Beijing-based Huohua Siwei stated that it has 85,000 daily learners on its various learning apps. It began providing online maths courses in 2018, Chinese classes last year, and English lessons in August this year. It says its total student body numbers 250,000.

Huohua was founded in 2017 and has raised $440 million so far. It closed a $150 million Series E1 round led by private equity firm KKR in August and received an investment of $30 million from short video platform Kuaishou in April.

Last month, Yuanfudao reached ‘decacorn’ status when its valuation reached $13 billion amid a $1.2 billion raise. In March, the company was valued at $7.8 billion.

Date published: 12 October 2020

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