Tiger Global, TAL invest $100m in China’s Dada ABC
Tiger Global Management and TAL Education have invested $100 million in a Series C round of funding for Dada ABC, an online K-12 English education platform based in China.
The new capital will be used to develop the company's teaching curriculum and online technology.
Founded in 2013, Dada ABC offers one-on-one online tutoring delivered by native English speakers. It partners with the American TESOL Institute, Pearson Test of English Academic, Highlights Publishing, and National Geographic Learning to provide teaching materials for students. At present, the company claims to have more than 100,000 fee-paying students and 10,000 teachers on its platform.
Dada ABC set up an R&D center in Hong Kong last year to focus on content development, teacher training, education research, and the design and implementation of assessment systems.
According to AVCJ Research, Dada has previously raised four rounds of VC funding. Qingsong Fund provided an angel round in 2014, while Dragonrise Capital came into a Series A round in 2015. The company raised an RMB500 million ($77 million) Series B funding in 2016 across two tranches, with Yonghua Capital and Shenzhen Oriental Fortune among the investors.
China's K-12 online education space has drawn strong interest from VC and PE investors. Zhangmen, which offers tuition across a range of subjects, recently raised $120 million from Warburg Pincus and Genesis Capital. In April of last year, VIPKid raised $200 million in what was claimed at the time to be the largest round in the K-12 space globally.
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