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VIPKid

EdtechChina
New to Unitard
✂️ Markdown
  1. 🦄
    Became a unicorn
    2017
  2. 📈
    Peak valuation
    $3 Billion ’19
  3. 💔
    Became a Unitard
    2021
  4. 💸
    Last valuation
    —
Current status
Core China business gutted by the July 2021 'double reduction' crackdown; ended its flagship foreign-teacher program for mainland students (Nov 2021).

The rise & fall

6 moments · 2013–2024

The key moments, with employee sentiment along the way.

2013
Founded in Beijing
Cindy Mi's bet: connect North American tutors to Chinese kids for one-on-one English lessons over video.
TechCrunch
2017
Joins the unicorn club
China's online-English juggernaut passes $1B; Tencent, Sequoia and others eventually pour in $1.1B.
TechCrunch
2019
The peak: 100,000 tutors, ~$3B$3B
Roughly 100,000 US and Canadian tutors teach English to 600,000 Chinese children.
EdSurge
Jul 2021
'Double reduction' outlaws the business
Beijing bans foreign tutors for mainland students — VIPKid's core product is illegal overnight.
ICEF Monitor
Nov 2021
Shuts its flagship China program — out of the club
The program that made it a unicorn ends; a smaller global platform is what remains.
TechCrunch
From the inside · Glassdoor reviews, 2022–24
Tutor reviews on Glassdoor traced the long tail: veterans described bookings thinning on the pivoted global platform even as new teachers kept joining, per-class pay stepping down until many earned less than they had years earlier, and long-standing $10 missed-class fines that stung more when a pre-dawn slot might hold a single $7 lesson.

💬 entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗; dated facts carry their source.

How it happened

VIPKid was one of China's biggest online-education unicorns — at its 2019 peak roughly 100,000 US and Canadian tutors taught English to 600,000 Chinese children, supporting a valuation north of $3B backed by Tencent and Sequoia.

China's July 2021 'double reduction' crackdown banned foreign tutors for mainland students, outlawing the core business, and VIPKid ended its flagship China program that November.

Source: EdSurge / ICEF Monitor / TechCrunch (valued over $3B at peak, ~2019; raised $1.1B from Tencent, Sequoia and others; July 2021 'double reduction' policy banned foreign tutors for China-based students; ended flagship China program Nov 2021)

Founder

  • Cindy Mi
    Founder & CEO
    Still there — Founder and CEOLinkedIn ↗

Current roles as self-reported on LinkedIn, retrieved 2026-08-19. See our methodology.

Disclosed investors (12)

Historical funding participation; lists may be incomplete and do not establish current ownership or investor losses.

* Lead in a funding round · Crunchbase ↗ · 2026-10-13 · Methodology · Leaderboard

More from the club

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Byju's$22BYuanfudao$15.5BChegg$14BGaotu Techedu$13BZuoyebang$10B
Same fate · regulatory collapse
17 Education & Technology$2.5B
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