Alibaba, Temasek, Qiming pump $100m into China's TutorGroup
Alibaba Group, Temasek Holdings and existing backer Qiming Venture Partners have invested $100 million in a Series B round of funding for TutorGroup, a China-based online education service provider.
The company was founded in 2004 by brothers Eric Yang and Ming Yang. With research and development team based in Silicon Valley, TutorGroup provides real-time language learning through online class sessions in 40 countries with 2,000 tutors.
The firm offers English language tuition services to adults in Greater China through its TutorABC and VIPABC platforms, while the TutorABCJr service is aimed at students aged between eight and 18. It recently launched Tutor Ming for Mandarin Chinese learners internationally.
The net proceeds will be used to strengthen TutorGroup's leading position in Asia and expand its footprint in America, according to a statement.
TutorGroup previously raised $15 million in a first round of funding from Qiming in 2012.
The company claims the online English learning segment in China is growing at 25% per year, and will be worth more than $17 billion by 2015.
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