VIPKID, an online English education platform for children, has completed a $200m fundraising led by Sequoia Capital China and Tencent Holdings that pushes the Beijing-based company’s valuation above $1bn.
The fundraising comes as companies are scrapping the highly competitive part of the $8bn market for English language tutoring.
VIPKID hopes to tap the willingness of Chinese parents to spend whatever it takes to give their children an educational edge with new technologies that make tutoring far more scalable.
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