Chinese tutor app Changingedu.com raises $100m
TAL Education Group, a US-listed K-12 after-school tutoring service provider, has led a $100 million Series C round for Changingedu.com, a China-based platform that connects private teachers with students.
IDG Capital Partners, Trustbridge Partners and Sequoia Capital also participated.
Changingedu, which also focuses on K-12 after-school tutoring, has a similar business model to taxi-booking apps. Students submit requests for lessons through an app and teachers registered on the platform receive alerts, based on a student's location. At present, Changingedu's services cover Guangzhou, Shenzhen, Shanghai and Nanjing, and it plans on further expansion.
The start-up received a Series A round of financing from IDG and Trustbridge in February. In April, Sequoia participated in a $15 million Series B round alongside IDG and Trustbridge. TAL provided an undisclosed top-up investment last year.
Changingedu will integrate with TAL's online teaching resources in order to penetrate the offline market and cooperate with teaching institutions.
Founded in 2003, TAL provides after-school tutoring services to students, conducted in small groups, as personalized premium services, or online. Last year it acquired a minority stake in childcare website Babytree for RMB150 million ($25 million). In October, TAL teamed up ZhenFund, Yongjin Group and Silicon Valley VC firm Benchmark Capital to invest in an undergraduate education business in the US.
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