Beijing-based Fenbi Technology, operator of online live teaching platform Yuanfudao (literally "Ape Coach"), has completed USD 120 mln in new funding led by Warburg Pincus with participation from Chinese internet and mobile services firm Tencent (0700.HK).
Online tests archive app Yuantiku (launched prior to Ape Coach) was created in 2012.
Fenbi Technology's apps (Ape Coach, Yuantiku, and Xiaoyuan Souti, an app that allows students to take pictures of questions and receive answers) currently have, combined, over 160 mln primary and secondary school users. The company also operates an independent online professional training platform called "Fenbi".
Ape Coach provides primary and secondary school students with online live-streamed classes. There are currently more than 1 mln paid users. Classes available include: English, Math Olympiad, and all the courses required of junior and senior high school students. Ape Coach is available both as a PC-client and a mobile app.
In May 2012, Fenbi Technology completed USD 3 mln in Series A funding from IDG Capital Partners, followed by USD 7 mln in Series B funding in 2013 led by Matrix Partners China with participation from IDG Capital Partners. In July 2014, the company secured USD 15 mln in Series C funding, giving it a post-money valuation of USD 125 mln, and in April 2015, the company's valuation reached USD 360 mln. In June 2016, Fenbi Technology completed USD 40 mln in strategic funding from Tencent.
Editor's Note: For more information on this topic, please see "Tencent Invests USD 40 Mln in Online Education Platform 'Ape Coach'," MD 5/31/16 issue.