VIPKid gets new funding led by Tencent

Chinese online education startup VIPKid confirmed a new round of financing led by Tencent Holdings Ltd on Monday, right after the country unveiled its latest guideline to encourage online education platforms following a tightening in policies implemented over the past year.

The fresh fundraising, according to VIPKid, will be used to deepen the research and development in sectors including artificial intelligence, cloud services and charitable work.

Though the startup did not disclose the detailed amount of investment, Reuters reported earlier that Tencent had planned to invest about $150 million in the new financing round.