MIAMI, July 26, 2012 /PRNewswire/ -- Open English, Latin America's leading online English language school, has secured more than USD $40 million in its latest round of financing led by New York-based Insight Venture Partners. The company – known for its 12-month program that helps students attain fluency in the English language – continues to expand its footprint throughout Latin America as it addresses the growing demand for language training in countries with booming economies like Brazil.
"Latin America has always been our core region and we see Brazil as a key avenue for growth for the company," said Andres Moreno, co-founder and CEO of Open English. "The growing economy and increasing importance of the region in the global marketplace have come together to create a heightened demand for English-speaking professionals. And with the coming 2014 World Cup and 2016 Olympic Games, bringing with it an influx of foreign investment, visitors, tourists and sports fans, this demand can only continue to grow. Coupled with the economic resilience seen in much of Latin America, continuing to invest in the development of our home region is the most natural next step for Open English."
Since its launch in 2006, the company has quickly grown to provide its services to more than 50,000 students in 20 countries. According to Moreno, the company owes its success to its disruptive instruction model of live online classes with native-English-speaking teachers and the unmatched convenience of an engaging online experience that provides access to the school at whatever time is most suitable for today's busy professionals. The program is highly flexible, with students having access to as many live classes as they want over the duration of their 12-month program, coupled with personal advisors that help students define goals and track their progress.
"Our goal is to end the year with 80,000 students while continuing to grow the quality of the program, and we will achieve this goal by continuing to focus our growth in our home region of Latin America," said Moreno. "This latest round of investment capital – where we secured more than $40 million dollars – will give us the resources and liquidity to continue to scale and address key markets like Brazil, putting more students on the path to English fluency."
"Insight has a proud history of backing disruptive, energetic companies who are bringing something new to the marketplace," said Jeff Lieberman, Managing Director of Insight Venture Partners. "In Open English, we see an innovator with a compelling business model that will raise the bar in convenient, affordable, high-quality online language learning for Latin Americans who want to learn English. We look forward to supporting their mission and watching their effect on the marketplace."
This latest round of investment was led by New York-based Insight Venture Partners, with the participation of California-based Redpoint Ventures and existing investors including Flybridge and Kaszek.
About Open English
Open English is Latin America's leading online English-language school. Open English was founded in 2006 as a private company seeking to reinvent the English-language learning experience for today's busy professional by offering them customized 24/7 online-only instruction imparted by native English-speaking teachers. The company's 12-month language program is founded on a guarantee of helping students achieve fluency in the English language in a short amount of time. To learn more, please visit www.openenglish.com.
SOURCE Insight Venture Partners