By Qu Sihan © CompassList

By Qu Sihan © CompassList

Unicorns Yuanfudao and Zuoyebang raised more than $6bn combined last year as demand for online learning continues to grow, but some smaller players are running out of cash

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Unlike many other sectors that have been hurt by the pandemic, edtech companies in China are witnessing an unprecedented boom. Nearly RMB 50bn worth of VC funding flowed into the local K-12 edtech sector in 2020 alone – more than the total raised for the entire past 10 years, data from business research firm Fastdata shows. The number of students using online tutoring platforms also surged, up 44.2% to 202m as of October 2020 from the year-ago period.
Likewise, the K-12 education sector grew in tandem: the number of new companies created in the first 10 months of 2020 rose 22.5% o...

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