Tencent-backed homework app raises $300mn at $3bn valuation
Chinese homework app and online tutoring portal Yuanfudao has raised $300 million in a funding round led by existing investor Tencent at a valuation of over $3 billion. The round also saw participation from investors Warburg Pincus and IDG Capital. The six-year-old startup was last valued at more than $1 billion after it raised $120-million funding in 2017.