China-based educational software provider Empower Education Online (EEO) raised $265m on Saturday in a series C round featuring internet group Tencent and quantitative trading firm Susquehanna International Group (SIG), DealStreetAsia reported.
The round was led by GL Ventures, the venture capital arm of hedge fund manager Hillhouse Capital, and also featured investment firm Ince Capital and growth equity firm Gaocheng Capital. SIG may have taken part through its SIG Asia vehicle, though that was not confirmed by the company.
EEO is the creator of an interactive classroom program called ClassIn that includes features such as interactive blackboards and online homework management tools.
The company claims about 60,000 schools and educational institutions as customers and its online platform has approximately 20 million monthly active users.
Song Junbo, founder and chief executive of EEO, said in a statement cited by DealStreetAsia: “Today, interpersonal communication has developed to rely on coffee houses plus WeChat, like the future of education, which will also quickly shift towards an era of online plus offline classroom.
“As EEO helps schools and institutions build their online capabilities, the company will continue to promote the digitisation of offline teaching scene.”
New Oriental Education and Technology led a $14.5m series A-plus round for the company in 2017, investing alongside fellow education provider TAL Education Group and digital testing and assessment services provider ATA.
The 2017 round was followed by a series B round in the eight-figure dollar range that was led by Ince Capital in July this year, according to DealStreetAsia.
