Fenbi announces results of fundraising round

Beijing Fenbilantian Technology Co, which offers services related to the national civil service exam, announced on Sunday it has raised $390 million in its series A round of fundraising.

Led by IDG Capital and Trustbridge Partners, the new round attracted investors including CPE, DCP, Kunyu Runyuan, the new economy fund of China Renaissance, Hony Horizon Fund and Shenzhen-based Hongrui Capital.

The company, better known as Fenbi, was founded in 2015 and leverages internet technologies to offer professional training and tutoring for key tests, including the national civil service exam, public institution exams and graduate school exam.

With the new fundraising, Zhang Xiaolong, CEO of Fenbi, said the company will boost its teacher groups and beef up efforts in research and development and technology innovations.

As of January, the Beijing-based company has accumulated 48 million users, including 7.03 million paid users. More than 15.5 billion users have taken lessons and simulated exams on the platform.