Warburg- and Tencent-backed Yuanfudao raised $1bn in a Hillhouse Capital-led Series G funding round.

Warburg- and Tencent-backed Yuanfudao, an online education company, raised $1bn in a Hillhouse Capital-led Series G funding round. Boyu Capital, a private equity firm, Tencent and IDG Capital, a Boston-based investment company, also participated in the investment. “The new investment is our Series G round and some people jokingly asked if we plan to use up all the letters of the alphabet. The new round marks the continuous support and belief we have obtained from the capital market, as well as the arduous and lengthy path an online education company has to take,” Li Yong, Yuanfudao Founder and CEO.