TAL leads group to invest in Minerva
Print Edition
CHINESE education service provider TAL Education Group said yesterday that it will lead a China-based consortium to invest US$25 million in US-based undergraduate education organization Minerva.
New York-listed TAL has contributed US$18 million, and Yongjin Group and ZhenFund have invested the remaining US$7 million. Meanwhile, US-based Benchmark Capital will also invest in Minerva, which offers new Internet and interactive education methods. The total investment is expected at US$70 million.
“We hope that our strategic investment into, and the long-term relationship we are building with, Minerva will help top Chinese students seek opportunities to experience the innovative Minerva learning project in the near future,” Zhang Bangxin, chairman and CEO of TAL, said in a statement.
Founded in 2012, Minerva reinvented the university experience through technology platforms. All Minerva classes are small, online and conducted in seminar style. Minerva started the first year of studies in September, which included 29 students from 14 countries and regions, including seven from China.
By May, TAL’s network of 285 learning centers covers 18 key cities including Shanghai, Beijing and Guangzhou.
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