Beijing-based Xiaochuan Chuhai Education Technology, operator of mobile homework app Zuoyebang (literally "Homework Helper"), recently announced completion of USD 150 mln in Series C funding led by H Capital. Tiger Global Mauritius Fund also participated in the round, as well as investors from previous rounds including Sequoia Capital, Legend Capital, Granite Global Venture, and Xianghe Capital.
The company also announced that its live streaming education brand has been given a new name, "Zuoyebang Yike" (literally "Zuoyebang One Class").
Zuoyebang CEO Hou Jianbin said that the funds would be used to improve teaching materials and teaching quality.
Established in September 2015, Zuoyebang allows K-12 students to search for solutions to homework problems using the company's database of homework pictures. The platform has approximately 60 mln monthly active users.
"Zuoyebang Yike" is an online live streaming platform which covers all subjects for elementary school, middle school, and high school. The platform combines instruction, studying, testing, practicing, and teacher feedback to help improve students' grades.
Zuoyebang received USD 25 mln in Series A funding in September 2015 from Sequoia Capital and Legend Capital. In September 2016, the company received USD 60 mln in Series B funding led by Granite Global Ventures and Xianghe Capital, with participation from early investors including Sequoia Capital and Legend Capital.
Editor's Note: Zuoyebang was spun out from Chinese internet company Baidu (Nasdaq: BIDU) as part of Baidu's Carrier Plan in August 2015, and subsequently completed Series A funding in September 2015 and Series B funding in September 2016. For more information on this topic, please see "Baidu's Mobile Homework App Zuoyebang Wins Series A Funding," MD 9/02/15 and "Baidu's Mobile Homework App Zuoyebang Raises USD 60 Mln Series B," MD 9/23/16 issues.