Yuanfudao raises $3.5b as e-learning sizzles among investors

Online tutoring firm Yuanfudao said it has raised funds worth $3.5 billion so far this year, after completing a new funding round of $300 million recently, as the online education sector continued to surpass other sectors in China in terms of financing deals.

Investment firm YF Capital was the investor in the latest round of funding, according to tech media 36Kr. Yuanfudao confirmed the news and told China Daily that it was "part of the fundraising plan". But YF Capital did not comment on the issue.

The new funding will take the valuation of Yuanfudao to around $17 billion, even as it became the world's largest unicorn in the education technology sector after its earlier financing rounds.