Correction: The article originally stated the company’s valuation is now $20 billion. The figure should be RMB 20 billion.

China’s largest K-12 online education startup VIPKID announced (in Chinese) that it has completed its Series D+ round of financing, raising a staggering $500 million—by far the largest round ever secured in the online education sector. The investment was jointly led by Coatue Management, Tencent, Sequoia Capital, and Yunfeng Capital, The investment has bumped VIPKID’s valuation up to RMB 20 billion.

Founded in 2013, VIPKID has quickly grown into one of China’s hottest unicorns and leading online education companies in the world. According to VIPKID, it now has more than 40,000 teaching staff from North America and 300,000 students coming from 35 regions and countries around the world using its paid services.

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Nicole Jao

Nicole Jao is a reporter based in Beijing. She’s passionate about emerging trends, news, and stories of human interest within the world of technology. Connect with her on Twitter or via email: nicole.jao.iting@gmail.com.