Private equity firms Warburg Pincus and Genesis Capital have invested $120 million in Chinese K-12 online tutoring company Zhangmen, betting China’s relatively low penetration rate of private tutorial services will catch up with other developed countries in Asia.
The D-round of financing raised $120 million. This is the sixth round of financing by the company and the largest financing by a Chinese K-12 covering kindergarten to 12th grade personalised online tutoring company in China.
Capital raising by Chinese education companies has been frenzied in recent years with more than Rmb50 billion $7.66 billion pouring into Chinese online tutoring start-ups in the first half of 2017, according...
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