BARCELONA, Spain, June 8, 2016 /PRNewswire/ -- The startup scene in Barcelona is booming. The Catalan capital has over the years become known as the 'startup capital of Spain' and continues to be a popular choice among international investors. The city's startups have received over €38 million of funding in Q1 2016 alone while big success stories such as Wallapop and LetGo have each raised over $100 million and are now actively working in the U.S. market.
The latest Barcelona startup to receive a large international investment is ABA English, an online English language academy based on the use of film-quality videos specifically designed to maximize engagement with students by uniquely replicating the 'natural method' of language learning. This methodology has gained the company critical international acclaim; it was named Best Educational App 2015 by Reimagine Education, awards known in the sector as the 'Oscars of education.'
The company announced last month that it had received €12 million in growth capital in a round led by leading growth equity firm Kennet Partners. The investment ranked as the second-highest funding round for a Spanish startup in 2016 and made ABA the very first EdTech company in Spain to receive over $10 million from international investors.
CEO Javier Figarola says the large investment will be used to bolster the company's international expansion, especially in China and Turkey, and business user base.
"English is a language that unlocks all kinds of opportunities that can transform an individual's future," he says. "Kennet's investment will take us to the next level, not only by encouraging consumers to learn English but also by helping us to become the key training partner for organizations around the world."
ABA's has posted continuous growth despite the high drop-out rates that often blight online learning platforms. Since its launch in 2013 it has grown to have over 10 million users in more than 170 countries across the world.
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SOURCE ABA English