Tencent Joins $15.3 Million Series B For Chinese Education Platform ABC360

Hangzhou-based online language course company ABC360 announced the completion of a 100 million yuan ($15.3 million USD) series B financing on Tuesday, led by Guojin investment and followed by Tencent public space, the startup accelerator by Tencent as well as an education-focused fund from Zero2IPO Group.

“This financing will be used for product development, teacher training and the optimization of service processes,” ABC360 CEO Li Jing said in a statement.

Established in 2011, ABC360 matches students with English teachers who are mostly Philippines-based, with a 10-minute class fees upward of 7.6 yuan ($ 1.2 USD).

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