HONG KONG (Reuters) - U.S. private equity firm Warburg Pincus LLC and Chinese growth capital fund Genesis Capital have invested $120 million in China’s Zhangmen, the online tutoring company said on Tuesday.
This is the sixth round of financing and the largest Zhangmen has received, it said in a statement.
A more-than-nine-year-old company, Zhangmen provides personalized tutoring courses to primary and middle school students aged between eight and 18 via its website and mobile apps. Total revenue of the company exceeded 1 billion yuan ($153 million) in 2017.
Warburg was the lead investor in this funding round, according to a Warburg spokeswoman.
Reporting by Kane Wu; Editing by Muralikumar Anantharaman