Softbank unit invests in Alibaba-backed online education firm

HONG KONG, March 10 Sun Mar 9, 2014 11:21pm EDT

HONG KONG, March 10 (Reuters) - An online education company backed by Alibaba Group Holding Ltd said on Monday that a unit of Softbank Corp had made a strategic investment in the company for an undisclosed amount.

The investment in TutorGroup from SBI Group, formerly known as Softbank Finance Group and one of Asia's biggest venture capital firms, follows a capital raising of nearly $100 million for TutorGroup in February from Alibaba, Singapore state investor Temasek Inc and China's Qiming Venture Partners.

Shanghai-based TutorGroup has more than 2,000 teachers in 30 countries and 60 cities globally and provides online education services in English and Chinese to students from business professionals to young children.

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