Sequoia leads $84m round for China education site
Sequoia Capital has led a $84 million Series C round of funding for Xiaozhan Jiaoyu, a Chinese online education platform that focuses on students studying abroad.
Vision Knight Capital also took part, as did existing investors GGV Capital, Milestone Capital, Shunwei Capital Partners and Bertelsmann Asia Investment (BAI).
Founded in 2011, Xiaozhan, which operates the online platform Zhan.com, provides services for students preparing for entrance exams such as TOEFL, IELTS, SAT and GRE. It offers online practice tests, forums, registration information and other study materials. The company also offers live tutoring lessons with 600 full-time teachers.
In April, the start-up secured a $29 million Series B round of funding led by GGV and Shunwei.
The company will use the new capital for three purposes, Haoping Wang, CEO of the company, told local media. It will upgrade to a one-stop service platform for students studying overseas, providing house rental, car rental and job search services. There are also plans to build an online management system to track students' learning process and an ecosystem through which small companies can supply services to students.
Wang added that Xiaozhan could leverage Sequoia's existing industry networks and resources given its established brand in the market.
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