Tencent Invests USD 40 Mln in Online Education Platform 'Ape Coach'
36Kr.com, 5/31/16
Beijing-based Fenbi Technology, operator of mobile education SNS platform Yuanfudao (literally "Ape Coach"), has received USD 40 mln in funding from internet and mobile services firm Tencent (0700.HK). The two companies are expected to collaborate on products in the future.
Yuanfudao is an online education platform which connects teachers with high school and middle school students in need of tutoring. The site currently has more than 150,000 students taking courses and interacting with over 1,000 teachers on the platform. The company's other products include Yuantiku, a test archive app which has compiled more than 3 bln answers from students, and Xiaoyuan Souti, an app with over 8.5 mln users that allows students to take pictures of questions and receive answers.
Editor's Note: For more information on this topic, please see "Online Education Firm Fenbi Lands USD 60 Mln Series D Funding," MD 3/30/15 issue.
Keywords: M&A Internet funding online education Tencent 0700.HK Fenbi Yuantiku Yuanfudao Xiaoyuan Souti
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