BEIJING, Jan. 30, 2021 /PRNewswire/ — On January 26, the leading brand in online K-12 English group classes, Whales English, has announced the completion of series B+ round of funding. This round of financing is led by New Oriental, a giant in the Chinese domestic education industry. This is the first time that New Oriental Group has invested in K-12 English live teaching products. So far, Whales English has raised a total of RMB 220 million in round B series of funding.
Tom Wu, the CEO of Whales English, said that with this new round of funding the company will focus on three areas: 1. Catering to different age groups. The focus will be on refining the company’s products and exploring new ways to teach to Chinese children of different age groups. 2. While still adhering to the 1V2 small group class style, the company will launch larger group classes to meet the needs of all customers. 3. Product effectiveness. Whales English has introduced the world’s first evaluation system published by National Geographic Learning and will introduce more optimized evaluation systems in the future.
Whales English is an online English education brand focused on “cultivating excellence” for students between the ages of 3 and 18 years old. The school helps children improve their English comprehension skills in listening, speaking, reading and writing from the point of no English skills at all to full English competency and proficiency. This is achieved through intensive reading and heuristic teaching styles of English-speaking teachers, original American textbooks and the “Three-fixed model” (Fixed teacher, Fixed students and Fixed schedule).
Currently, the monthly revenue of Whales English is 150 million yuan. The cumulative number of students the company serves is over 1 million. The profit of the first UE is 15%, while the renewal rate remains at about 80%, and the referral rate is up to 70%. The company has entered a healthy stage of large-scale growth and has become the No.1 online K-12 English group class education brand in China.
New Oriental strategic investment team believes that it is very challenging to create education products that can stand the test of the market. To be able to achieve this, a company needs excellent teaching content, a superior teaching design, a conducive teaching environment and competent teaching staff, as well as a commercial operation. Whales English checks all those boxes.