The fundraising will be used for developing technology and further promoting the OMO (Online-Merge-Offline) strategy.
On November 27, 2020, education SaaS provider EEO Education completed a USD 265 million Series C financing, led by Hillhouse, followed by Tencent and SIG.
Since the epidemic, offline training institutions have encountered severe challenges, and the OMO model has become an inevitable trend. Founded in September 2014, EEO Education mainly developed ClassIn, a product that can realize an online, interactive classroom experience, supporting more than 10,000 offline education and training institutions to complete the OMO transformation.
The focus of online education has also been changing. During the pre-pandemic and early pandemic period, online training institutions were the hottest direction. However, in the middle and late stages, due to the extensive online teaching practices, including well-known universities and primary and secondary schools, the government and parents' understanding of online education underwent fundamental changes, making online teaching become the new normal.
70% of training institutions with over CNY 100 million in revenue, including New Oriental and TAL, have become EEO Education partners. So far, the company's partners cover 60,000 school and institutional customers in 35 countries and regions around the world and 20 million monthly active individual users from 150 countries and territories.