China’s VIPKid raises US$200mil from Tencent, Sequoia China

Seven year old Wei Yueran (L), who also has the English name Harney, attends a Chinese class at the Jinqao Center Primary School in Shanghai on September 1, 2014. After spending one year in the US, Yueran has joined the second class of the Jinqao Center Primary School in Shanghai's Pudong district. The Shanghai Education Commission recently announced the opening of 50 new public schools in the city, according to local news. AFP PHOTO / JOHANNES EISELE

VIPKid, an online education company that matches Chinese students with North American teachers, raised US$200mil (RM856mil) as it expands into new markets and broadens its academic offerings. 

Internet giant Tencent Holdings Ltd and Sequoia Capital China are investing in the Beijing-based company. Its existing backers include Sinovation Ventures and Jack Ma’s Yunfeng Capital. The startup’s valuation is now more than US$1.5bil (RM6.42bil), according to people familiar with the matter, who asked not to be identified discussing private details.