Changingedu Funding, Investors & Competitors

Changingedu has raised $188M across 4 funding rounds, most recently a $55M Series D in October 2017.

Last Changingedu funding round

$55M

Series D · Oct 2017

Cumulative funding Changingedu raised

$188M

across 4 funding rounds

Key investors in Changingedu

  • IDG Capital
  • Trustbridge Partners
  • TAL Education
  • HSG
  • Sequoia Capital
  • Frees Fund
  • ClearVue Partners

Changingedu Overview

About Changingedu

Changingedu is a Shanghai-based provider of mobile apps for K-12 online education in China. The platform links students, parents, and teachers for after-school tutoring via live video sessions, homework management, and performance analytics. Its services support personalized learning paths and real-time communication, serving millions of users in major Chinese cities with a focus on STEM subjects and exam preparation.


Founded

2014

HQ

ChinaShanghai

Status

Privately held

Customer focus

B2C

Revenue model

Subscription

Changingedu Funding History

Changingedu has raised a total of $188M across 4 funding rounds.

Changingedu's first fundraising round was a $15M Series B in February 2015. The most recent completed round was a $55M Series D in October 2017.

Changingedu funding rounds

Changingedu funding rounds
DateStageInvestorsRaisedDeal Summary
Oct 2017Series DClearVue Partners (lead); TAL Education (lead); Frees Fund; Trustbridge Partners; IDG Capital; Sequoia Capital$55MChangingedu is a China-based O2O education platform that connects students, parents, and teachers through mobile apps like Qingqing Jiajiao to facilitate after-school tutoring services, including one-to-one counseling for primary and middle school subjects both online and at-home. The company raised $55 million in a Series D round on October 30-31, 2017, led by ClearVue Partners and TAL Education Group, with participation from existing investors Trustbridge Partners, Sequoia Capital China (HongShan), IDG Capital, and Frees Fund. This brought total funding to $188 million across six rounds. The fresh capital was earmarked for developing its online platform and education curriculum. Changingedu operates from Shanghai, targeting consumer-focused after-school tutoring in a competitive Chinese edtech market alongside players like Yuanfudao and others.
Dec 2016Series CTAL Education (lead)$18MChangingedu is a China-based tutoring services marketplace that operates a platform enabling parents to book tutors for their children, while also offering online tutoring, consultancy services, and video learning. The service was available in 11 Chinese cities and had served more than 200,000 customers by late 2016. TAL Education Group invested $18 million in a Series C+ round around December 19, 2016, following their co-lead role in the company's $100 million Series C round in October 2015 alongside IDG Capital Partners, Sequoia Capital, and TBP Capital (Trustbridge Partners).
Jun 2015Series CTAL Education (lead); Trustbridge Partners; IDG Capital; HSG$100MChangingedu is a Shanghai-based online education service app and tutoring services marketplace that enables parents to book tutors for their children, offers online tutoring, consultancy services, and video learning, available in 11 Chinese cities and serving over 200,000 customers. The company completed a $100 million Series C funding round in October 2015, co-led by TAL Education Group with participation from IDG Capital Partners, Sequoia Capital, and Trustbridge Partners (also known as TBP Capital). Prior rounds included an undisclosed Series A in February 2015 from IDG Capital and Trustbridge Partners, and a $15 million Series B led by Sequoia Capital. Following the Series C, TAL Education provided an additional $18 million in Series C+ funding. Later, Changingedu raised a $55 million Series D in October 2017 from ClearVue Partners, FreesFund, HongShan (HSG), IDG Capital, TAL Education Group, and Trustbridge Partners, bringing total funding to $188 million across six rounds.
Feb 2015Series BHSG (lead); Trustbridge Partners (lead); IDG Capital$15MChangingedu is a China-based O2O education platform that connects students, parents, and teachers to facilitate after-school tutoring services through mobile applications including Qingqing Jiajiao. The company has raised a total of $188M across six funding rounds since 2014, with major investors including Trustbridge Partners, Sequoia Capital China, IDG Capital, TAL Education Group, ClearVue Partners, and HongShan. In June 2015, TAL Education led a $100 million Series C round, and in October 2017, ClearVue Partners and TAL Education jointly led a $55 million Series D round, with proceeds directed toward developing the online platform and education curriculum. While the company is recognized as a unicorn-track company, specific financial metrics including post-money valuation, revenue, and EBITDA have not been disclosed in available public sources for the March 2015 timeframe or subsequent periods.

Who has invested in Changingedu?

7 investors have backed Changingedu across its funding rounds, including IDG Capital, Trustbridge Partners, TAL Education, HSG, Sequoia Capital and Frees Fund.

Lead investors include ClearVue Partners, TAL Education, HSG and Trustbridge Partners.


Changingedu Investors

Investors in Changingedu by funding rounds participated
InvestorHQRoundsRoleFirst check
Trustbridge PartnersUnited StatesBoston, MA3LeadFeb 2015
IDG CapitalChinaBeijing3ParticipantFeb 2015
TAL EducationChinaBeijing3LeadJun 2015
HSGHong KongHong Kong2LeadFeb 2015
Frees FundChinaBeijing1ParticipantOct 2017

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Investments by Changingedu

Changingedu has invested in 1 company to date.

Latest investment by Changingedu was on May 4th 2016. Changingedu invested in SharingSchool in their $2M Series A round.


Latest Investments by Changingedu

SharingSchool
Description
SharingSchool is an education platform featuring study habit systems for primary school students, community one-on-one tutoring, interactive learning tools, educational products, and shared digital libraries.
HQ CountryChina
HQ City
Guangzhou
Deal Date4 May 2016
RoundSeries A
Raised$2M
Investors-
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Changingedu Competitors

Changingedu competitors include listed companies like Stride, East Buy and Youdao, and private ones like GoStudent, Age of Learning and Outschool.

Public and private companies comparable to Changingedu
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
GoStudentAustriaViennaPrivate$107M$16M$3.4B-
StrideUnited StatesUnited StatesPublicly listed$2.5B$580M$3.4B1.2x
East BuyChinaChinaPublicly listed$850M$98M$3.4B2.8x
Age of LearningUnited StatesLos Angeles, CAPrivate$100M-$3B-
OutschoolUnited StatesSan Francisco, CAPrivate$100M-$3B30.0x
YoudaoChinaChinaPublicly listed$881M$29M$1.7B2.0x

Changingedu Public Comps

Changingedu is still privately-owned, but its public comps include Pearson, New Oriental Education, Duolingo, TAL Education, Laureate Education, Graham Holdings, Covista, Grand Canyon Education, Fibra Educa and Stride.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Pearson$4.8B$1.4B2.4x2.3x8.1x10.4x
New Oriental Education$4.9B$563M1.0x0.8x8.8x5.6x
Duolingo$1B$152M5.4x4.9x37.3x17.9x
TAL Education$3B$700M1.3x1.2x5.7x6.9x
Laureate Education$1.7B$515M3.2x3.0x10.7x9.6x
Graham Holdings$4.9B$682M1.0x1.0x7.3x-
Covista$2B$462M2.5x2.4x10.4x9.1x
Grand Canyon Education$1.1B$306M3.4x3.3x12.4x10.0x

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Common questions about Changingedu

When was Changingedu founded?Changingedu was founded in 2014.
Where is Changingedu headquartered?Changingedu is headquartered in Shanghai, China.
Is Changingedu publicly listed?No, Changingedu is a private, VC-backed company.
How much funding has Changingedu raised?Changingedu has raised $188M across 4 funding rounds.
What was Changingedu's last funding round?Changingedu's last funding round was a $55M Series D in October 2017, led by ClearVue Partners and TAL Education.
Who are Changingedu's investors?Changingedu's investors include Trustbridge Partners, IDG Capital, TAL Education, HSG, Frees Fund, ClearVue Partners and Sequoia Capital.
Which companies are comparable to Changingedu?Companies comparable to Changingedu include GoStudent, Stride, East Buy, Age of Learning, Outschool and Youdao.
How many companies has Changingedu invested in?Changingedu has invested in 1 company, including SharingSchool.
What was Changingedu's last investment?In May 2016, Changingedu invested in SharingSchool's $2M Series A.

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