Livemocha Raises $8 Million in Series B Funding
BELLEVUE, Wash., Dec. 22 /PRNewswire/ -- Livemocha (www.livemocha.com), the world's largest language learning community, today announced that the company has raised $8 million in a Series B financing round led by August Capital, with participation from existing investor Maveron.
Livemocha is the leading language learning site worldwide, with over 4.8 million registered members from over 200 countries. Livemocha offers free and premium online learning courses for over 30 languages, led by the award-winning Livemocha Active English.
Livemocha offers a highly effective online learning experience that has quickly attracted a large and active global community. Social, interactive lessons include practice with native speakers for natural development of practical language skills. Specific revenues are undisclosed but growing rapidly, with customers in 97 countries paying for premium products and services.
This latest round brings the total funds raised to date by Livemocha to $14 million, and will be applied to accelerate platform innovation and new partnership launches planned for the next 6-12 months.
"Closing a significant round of funding is acknowledgement of our progress and underscores the large, disruptive potential of Livemocha," said Shirish Nadkarni, CEO and co-founder of Livemocha. "We are excited and well-positioned to realize a very ambitious vision for the future of language learning."
Howard Hartenbaum, General Partner from August Capital, has joined Amy Errett of Maveron on Livemocha's Board of Directors. The company's Series A was led by Maveron in December 2007.
Livemocha is a Seattle-based company that is redefining language learning by combining dynamic online courses in over 30 languages with the world's largest community of native language speakers. Since launching in September 2007, Livemocha has grown to over 4.8 million members, underscoring the strong demand for an engaging, collaborative approach to language learning. There are currently over 375 million people wanting to learn a language worldwide, and the market is currently estimated to be over $80 billion, fueled by rapid globalization, immigration and travel.
For more information about Livemocha, please visit http://www.livemocha.com.
Contact: Livemocha Clint Schmidt, 206-422-2693
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