VIPKid

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VIPKid, also known as VIPKID, is an online teaching and education company. 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. Its online-classroom portal enables students to receive 25-minute English language lessons from fluent English-speaking teachers. Students and teachers communicate via its global classroom platform. In 2017, VIPKid launched a new service, Lingo Bus, to teach Mandarin to students of 5 to 12 years old. In 2017, VIPKid reported that it had raised $200 million in initial series funding, and in April 2018 raised an additional $500 million in series D+ funding. Combined, this amount equated VIPKID's valuation to $3 billion. 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.