K-12 Online Tutoring Site Zhangmen Secures New RMB 9-digit Funding
iHeima, 9/29/16
Shanghai-based Yishi Network Technology, operator of K-12 online tutoring platform Zhangmen.com (formerly ZMLearn prior to April 2016), recently announced completion of a new RMB 9-digit round of funding from investors including Beijing-based Huasheng Capital. Zhang Yi, CEO of Yishi, said that funds will mainly be used for offline partnerships and internal development, and added that the company plans to expand into the business tutoring market. Zhangmen will also invest a RMB 8-digit sum to upgrade and improve its online tutoring systems, improve its teaching plan and question database resources, and attract high-end education research and teaching talent. The company has set up a special investment fund to help offline institutions and public schools set up high quality online education systems and resource databases, and will share its topics database, open courseware, and education system resources with its partners.
Editor's note: According to the Zhangmen.com website, students can use the online platform to access one-on-one online tutoring. Yishi Network Technology was established in November 2014, landed Series A funding in July 2015, and completed Series B funding in March 2016. The label attached to Zhangmen's latest funding round is unclear, but it is referred to as Series B+ funding by online IT news portal ITJuzi.com. For more background on Zhangmen, please see "K-12 Online Tutoring Site ZMLearn Secures Series B Funding," MD 3/29/16 and "K-12 Online Tutoring Platform 'ZMLearn' Wins RMB 20 Mln Series A," MD 7/09/15 issues.
Keywords: VC Zhang Yi Internet funding online education Huasheng Capital Series B Yishi Zhangmen.com
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