Yuanfudao Online Education has signed on as an official sponsor of the 2022 Winter Olympic and Paralympic Games in Beijing.
Beijing 2022 confirmed the company, backed by the Chinese conglomerate Tencent, had become the latest to join its portfolio of sponsors.
Yuanfudao, which offers online courses and homework plans to students, becomes the 31st sponsor of the 2022 Winter Olympics and Paralympics.
According to Chinese state news agency Xinhua, Yuanfudao will develop Olympic-related courses and help promote winter sports in the host nation as part of the deal.
Yuanfudao co-founder Li Xin said the company signing an agreement with the Organising Committee was a boost for the online education industry.
The company ranked first in China in-app purchases in the education category between January and mid-March, according to performance tracker App Annie.
Yuanfudao has also enjoyed a surge in investor interest during the coronavirus pandemic.
Founded in 2012, Yuanfudao, which services primary and secondary school students, is the largest online live course platform in China.
Yuanfudao has joined the second-highest tier of sponsorship of Beijing 2022, behind official sponsors and ahead of official exclusive suppliers and official suppliers, respectively.
The Bank of China, Air China, Yili Group, ANTA, China Unicom and State Grid are among the official partners, while nine official sponsors – including Tsingtao Beer, Yanjing Beer, Cultural Investment Holdings and Qi An Xin – have now been signed.
Six official exclusive suppliers have been confirmed, including Hongyuan Group, China Post and Snickers.
Suirui Group and PricewaterhouseCoopers have also signed up as official suppliers.