China's VIPKid Is Raising Funds at Over $3 Billion Value
- Valuation is said to be pre-money or prior to deal closing
- Online education is now big business in a changing China
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China’s VIPKid is finalizing a deal to raise about $500 million at a valuation of more than $3 billion, according to people familiar with the matter, a price tag that could make it the world’s largest online education startup.
The Beijing-based service, which links mainly North American tutors with Chinese children, is putting the finishing touches on a deal, said the people, who declined to be named because the matter is private. Its targeted valuation is pre-money or prior to closing, they added. A successful transaction would roughly double its valuation in less than a year.