TutorGroup secures $100m of new funding

TutorGroup, a Shanghai-based online education provider, announced on Monday its closing of some $100 million in second-round funding from Asia-based investors, one of the biggest funding into a virtual education provider worldwide.

Investment participants included online shopping juggernaut Alibaba Group, Singapore investment company Temasek and Qiming Venture Partners.

TutorGroup plans to use the funding to accelerate further growth of its position across Asia and also expand its presence in the Americas.

"Just like our founder Jack Ma, a teacher himself, who made it a priority to educate our next generation, TutorGroup redefines the experience of learning and has made education more accessible to more people," said Joe Tsai, executive vice-chairman of Alibaba Group.

TutorGroup started in 2004 and became one of the fastest-growing English-language learning services. It now also offers Mandarin Chinese language learning through a new site.

Analysts said online education has become a new trend for worldwide learners and patterns of online education services may vary fast amid increasingly fierce competitions in the next few years.

In China, several traditional brick-and-mortar educational institutions have launched online programs to generate more income.

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