SOURCE: Open English
April 07, 2010 13:26 ET
Open English On-Line Language Learning School Raises $5M in Capital
MIAMI, FL--(Marketwire - April 7, 2010) - Open English announced today that it has successfully closed a $5M series A financing round. Funds will be used to expand the Internet-based English language school across all of Latin America and the United States Hispanic market. The company offers a revolutionary new approach to English language learning which combines live instruction with native English speaking teachers and multi-media learning content customized to each learner. Its students study from home or office and avoid inconvenient scheduling, long commute times, high tuition costs, and outdated books and CD-ROMs.
"Open English has had tremendous commercial success in our test market this past year," said Andres Moreno, the company's Founder and CEO. "This capitalization will provide the resources we need to bring on-line education to places like Brazil, Mexico, and even right here in the USA. In today's global economy, English is an absolute necessity. Open English helps students at any level improve their English on their terms -- any time, any place."
Investors in the round include the families who control El Salvador's Grupo TVOffer, the largest direct to consumer marketing company in Central America. In connection with the financing, Open English also signed a marketing agreement with TVOffer, which will help launch the on-line school throughout the region. Said Grupo TVOffer's President Luis Armando Salaverría, "Personal advancement is the basis for our region's development, and learning English plays a key role. Open English allows students to break the compromises of traditional English learning and their customers have already seen how effective and convenient the program is. We are convinced that this is the product which the Latin American English learning market has been waiting for."
At the same time, Open English's parent company announced the appointment of five new board members: Luis Armando Salaverría, Juan Salaverría, John Oxendine, Chairman John McIntire, and the company's CFO Thomas Wenrich. Said McIntire, former Latin America CEO for Goldman Sachs, "This is a ground breaking transaction on many levels -- an on-line venture created by Latin Americans, funded by Latin Americans, selling to Latin America. We are thrilled at the prospect of working with Grupo TVOffer, a company with tremendous marketing expertise in the region."
Tags / Keywords:
Open English, internet based English language school, learn English, on-line school, language learning, on-line education, on-line school, English fluency, e-learning, ESL.
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About Open English
Open English, based in Miami, is an on-line school created to reinvent the English learning experience. Through live language instruction with native English speaking teachers and multi-media learning content, all provided over the internet, Open English empowers students on their customized path to English fluency. Grupo TVOffer is the leading direct to consumer marketing company in Central America, operating 42 retail outlets, and call centers in El Salvador and Panama which serve the entire Central American market. For more information on Open English, a FoxyP2 Inc. company visit: www.openenglish.com