Rumor: Baidu Invests USD 8-digit Figure in Universal Education

36Kr.com, 7/07/14

According to an industry insider, Beijing-based offline education provider Universal Education Group ("Wanxue") has received USD 8-digit third-round funding from Chinese internet company Baidu (Nasdaq: BIDU). Universal Education will use the funding to make certain educational content available online and to partner with offline institutions.

Universal Education, which launched operations in 2007, offers graduate school entrance exam test prep, civil service exam test prep, and professional development courses. The company has more than 200 branches throughout China. In February 2008, Universal Education landed USD 20 mln in funding from Sequoia Capital and Chinese consumer electronics manufacturer Lenovo (0992.HK). In February 2011, the company received USD 2 mln in funding from Doll Capital Management (DCM) and Sequoia Capital.

Keywords: Universal Education Internet Baidu third-round BIDU online education funding

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