The online tutoring platform, which raised $200m in a Tencent-backed round last August, plans to double its valuation in its latest round.
VIPKid, a China-based online tutoring service backed by internet group Tencent, is close to raising $500m at a $3bn valuation, Bloomberg has reported, citing people familiar with the matter.
Founded in 2013, VIPKid runs a platform allowing Chinese families to access tutoring services from an international network of teachers, many of which are North American. It generated RMB3.54bn ($559m) in ‘cash sales’ in 2017, according to Bloomberg.
The company has a customer base of almost 300,000 students who are served…
