![]() By 2014, more than 50,000 private language schools had opened in China, run by a mix of corporations and family-owned shops. The first wave of tutoring companies in China came in the 1990s and early 2000s with brick-and-mortar classrooms, as the Chinese government placed a heavy emphasis on English proficiency as a hallmark of national competitiveness. The banking group UBS has said the extracurricular education market in China could grow to $165 billion in five years. ” In recent years, the education market has exploded in China along with the country’s middle class. The Organization for Economic Cooperation and Development went so far as to write in 2016 that the Chinese government saw education as the primary tool for “ national development. In just five years, VIPKid has grown exponentially by capitalizing on China’s appetite for quality education.Įducation, and particularly English education, has long been a major focus of Chinese culture. Most of the company has since moved to a much larger office. The entrance to the company's original headquarters in a converted Taoist temple in Beijing. That makes it one of the fastest-growing startups not only in education tech, in which companies use technology to improve learning, but in all of China. The company said in August that it has over 500,000 students and over 60,000 teachers on the platform, close to double what was reported last year, and a massive jump from 3,305 students and 404 educators in 2015. ![]() The Beijing-based startup raised $500 million earlier this year at a valuation of over $3 billion and grew its revenue to $760 million last year from $300 million in 2016. The anecdote is something like Mi's origin story for VIPKid, the education company she founded in 2013 to connect fluent English-speaking teachers with young Chinese students for one-on-one 25-minute virtual tutoring lessons, in which students are taught English through an immersive curriculum that covers simple concepts like holidays and more complex topics like current events. "I left the classroom like a hero, but I had to return to school the next day, begging for her to take me back," Mi told Business Insider in a recent interview. ![]() ![]() Account icon An icon in the shape of a person's head and shoulders. ![]()
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