Open English secures US$65mn capital financing

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Tuesday, April 30, 2013

Open English, an online English language learning firm focused on Latin America, has sealed a US$65mn Series D round of capital funding, the company said in a statement.

Technology Crossover Ventures (TCV) led the investment and was joined by existing Open English investors Insight and Redpoint. The latest round brings total funding over the past three years to US$120mn.

The announcement comes on the heels of Open English surpassing 100,000 students across the region.

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TCV has led growth-stage capital investments in a variety of consumer internet and EdTech companies, such as Capella Education, EmbanetCompass (now part of Pearson), Expedia, Facebook, K12 Inc., Netflix, Orbitz and Zillow.

TCV general partner Robert Trudeau will join Open English's board.

Open English is familiar to many in Latin America due to its quirky TV adverts that star its founder and CEO Andrés Moreno.

"We have been following Open English for some time and are excited to add the company to our portfolio," Trudeau said.

"Andres and his leadership team have built an innovative platform, a useful and effective service for their students, and an iconic brand in just a few short years," he added.

The funds will be used to improve the user experience, grow staff and expand into new territories.

Moreno told BNamericas last year that the company's board expects to complete re-engineering of its technology platform by mid-2013.

The Learning Platform 2.0 will be HTML 5, so it will support mobile, and it will have a number of features in the social realm that the company does not have today, Moreno said.