Chinese tech giant Tencent and private equity firm Hillhouse Capital Group will lead the round. The company offers students test-prep courses, an exam problem database and a homework app. Yuanfudao said the valuation and timing information Reuters reported was “not accurate.” (Reuters)
Talking point: As of Thursday, nearly a billion students around the world were out of school because of COVID-19, The Economist estimated. Not all parents can act as substitute teachers in their own homes, and not all countries have the digital tools to broadcast video lessons to the kids who would usually be in their care during the workday, meaning platforms like Yuanfudao are in high demand. So are Canadian ESL teachers who provide instruction over video.