Tencent has recommitted to providing $150m for language tutoring platform VIPKid, having reportedly withdrawn from a verbal agreement to invest last month.
China-based online tutoring platform VIPKid is set to raise $150m in funding from internet company Tencent after reports last month suggested the corporate had pulled out of a deal, the Wall Street Journal reported yesterday.
Tencent had reportedly made a verbal agreement to participate in a $500m funding round that would have valued VIPKid at $4.5bn, before the company reduced the round’s target size and allegedly lost Tencent’s commitment at the end of August, though VIPKid denied those rumours.
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Thierry Heles
Thierry Heles is editor-at-large of Global University Venturing and Global Corporate Venturing, and host of the Beyond the Breakthrough podcast.
