Zuoyebang Raises $1.6 Billion in latest round

Chinese online tutor Zuoyebang has raised more than $1.6 billion in a new funding round from investors including Alibaba Group and SoftBank Group’s Vision Fund, the company said on Monday.

Existing investors Tiger Global Management, Sequoia Capital China and FountainVest Partners have also participated, Zuoyebang said in a news statement, without disclosing its valuation in the round.

In June, the company, which is also backed by Chinese search firm Baidu, Inc. said it raised $750 million in a financing round led by investment firms FountainVest and Tiger Global.

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