Chinese Online Training Platform Yunxuetang Closes $190 Million Series E at a $1 billion Valuation2021-03-30
March 30, 2021, Beijing – Yunxuetang (YXT), a China-based online corporate training services provider, has recently completed two series E rounds, E1+E2, within three months of each other, totaling $190 million. Venture capital firm Matrix Partners China led the series E2 tranche with additional contributions from Sequoia Capital China and Hundreds Capital.
The E1 round was closed in January 2021 and led by Tencent. Prior to this round, Yunxuetang received multiple rounds of financing from top-tier private equity managers such as Centurium Capital, YF Capital, SIG, Ximalaya, and Everest VC. After the completion the series E financing, Yunxuetang become a unicorn and best-funded corporate training service provider in the industry.
This round of financing will be used for AI technology and software product innovation, data center and IT center construction, content development and customer experience enhancement.
Corporate training has grown year over year, but it gained stronger growth momentum in 2020 due the COVID-19 outbreak. The pandemic resulted in an urgent need for digital transformation, and companies quickly shifted from offline training to online. As the largest and most comprehensive corporate training technology company in China, Yunxuetang has led the way in providing business digitalization solutions.
Yunxuetang, founded in 2011, offers end-to-end corporate training solutions including training infrastructure establishment, training materials development, training program maintenance, data analysis and vendor management to meet the increasing demands for more efficient staff training as Chinese companies grow and evolve.