VIPKid
Global EdTech company From Wikipedia, the free encyclopedia
VIPKid, also known as VIPKID, is an online teaching and education company.
 | |
| Company type | Private |
|---|---|
| Industry | |
| Founded | October 2013 |
| Founders | Cindy Mi, Jessie Chen, and Victor Zhang |
| Headquarters | Singapore , Singapore |
| Website | https://vipkid.com |
History
Summarize
Perspective
Founded in 2013 and formally launched in 2014 by Cindy Mi, the VIPKid platform connects paying students with teachers in the United States and Canada.[1][2] Its online-classroom portal enables students to receive 25-minute English language lessons from fluent English-speaking teachers.[3] Students and teachers communicate via its global classroom platform.[4]
In 2017, VIPKid launched a new service, Lingo Bus, to teach Mandarin to students of 5 to 12 years old.[5][6]
In 2017, VIPKid reported that it had raised $200 million in initial series funding,[7] and in April 2018 raised an additional $500 million in series D+ funding.[8][9] Combined, this amount equated VIPKID's valuation to $3 billion.[9] As of November 2018, the company reported having 60,000 contracted teachers to teach 500,000 students.
In May 2020, VIPKID announced that all current teachers would gradually transition to a new service fee structure and the base rate adjustment policy will be phased out. This will effectively result in a pay reduction for the vast majority of their teachers.[10]
In 2021 the company stopped providing services in China involving teachers based abroad.[11] China-based customers will use Chinese citizen teachers in China or teachers residing in China who have teaching licenses.[12]
COVID-19 pandemic
In February 2020, VIPKid donated 1.5 million English and math classes to affected students from the COVID-19 pandemic. Students in the city of Wuhan, Hubei Province, and children of medical workers were given priority for free classes.[13]
See also
References
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