Venture capital firm SBI Group has made an undisclosed investment in online education platform TutorGroup, according to a statement from TutorGroup.
SBI invested through its education-focused fund SBI-Fudan Fund, which was jointly established with Shanghai Fudan Forward S&T under Fudan University in China. The fund specialises in investments in education and related sectors.
San Francisco-based TutorGroup is an online education platform and English-language learning platform with offices in Asia. Its main products are aimed at English-language students in China, Hong Kong, and Taiwan.
SBI intends to provide local expertise as TutorGroup expands across Asia, including Japan.
“We are keen to help them capitalise on our experience and influence within the internet financial sector to help TutorGroup strengthen its existing platform, develop new business and accelerate its expansion in Asia and around the world,” said Li Peilung, chairman of SBI China, in the statement.
The firm joins Alibaba Group, Temasek and Qiming Venture Partners, who together in a series B funding round invested about $100 million in Tudor last month.
Tokyo-based SBI Group, part of SBI Holdings, was formerly known as Softbank Finance Group. The venture capital firm and financial group also provides online financial services.