Adults-focused training company Golden Education has closed a financing round led by Tencent (HKSE: 0700), and joined by Loyal Valley Capital as well as Hundreds Capital, Tencent revealed on its official WeChat account on Thursday, without revealing financial details.
The company will use the new funds to optimize its content and technology and to develop new businesses such as providing tutoring services to students who attend China’s national graduate entrance examinations or plan to study overseas. Founded in 2006 in Shanghai, Golden Education offers in-classroom and online courses that help students pass various qualification tests on accounting, finance, and taxation.
“Education plus science and technology is an important medium for Tencent to achieve its mission of tech for social good,” said Yu Haiyang of Tencent’s investment unit.
The tech giant has been betting big on the education sector, where it is backing a slew of edtech companies including English-training firm Vipkid, the platform Yuanfudao, and art-teaching service Meishubao. In July, Tencent led Meishubao’s USD 40 million Series C+ round.