Tutor.com Secures $13.5 Million in Expansion Funding Led by Intel Capital
Ascend Venture Group, Dawntreader Ventures, Kidron and MMV Financial join round to fuel rapid growth of on-demand tutoring
New York, NY (May 9, 2007) Tutor.com, a leader in live, on demand tutoring services, today announced new venture investments of $13.5 million to fund expansion of Tutor.com Direct, the company's on demand tutoring service for students and families. The equity growth funding of $9.5 million was led by Intel Capital and included investments from Ascend Venture Group, Kidron Opportunity Fund and previous investor Dawntreader Ventures. Tutor.com also secured $4 million in venture debt financing from MMV Financial based on the strength of its established institutional business.
"This investment will help Tutor.com build upon our successful institutional business to execute an aggressive marketing campaign and establish strategic partnerships to grow our subscriber base," said George Cigale, founder and CEO of Tutor.com. "There is an untapped market of millions of families with school age children who will benefit from on demand access to the largest professional tutor network available."
Tutor.com is reinventing tutoring by offering students an immediate connection to a professional tutor the minute they need help. Instead of simply bringing the traditional one-day-a-week tutoring model to the web, Tutor.com is empowering students to take control of the learning process by giving them instant access to a network of over 1,300 screened, certified and background-checked tutors who are on call to help seven days a week. Without needing to schedule an appointment, approximately 80,000 students each month connect within minutes to the right tutor for their question. Tutor.com on demand services are available in math, science, social studies and English for 4th-12th graders.
As part of the funding, Ms. Kylie A.D. Sachs, principal of Ascend Venture Group will join Tutor.com's distinguished Board of Directors. Ms. Sita Vasan, senior investment manager of Intel Capital will participate as a Board Observer. Tutor.com is conducting a search for a seasoned consumer marketing expert to round out its Board of Directors.
About Tutor.com
Tutor.com creates innovative, on demand homework help and tutoring services that connect students to a professional tutor online the minute they need help in math, science, social studies or English. Our network of over 1,300 professional tutors has delivered over 2 million one-to-one tutoring sessions. Tutor.com services include Tutor.com Direct, an on demand tutoring service for families and Live Homework Help, an after-school program offered at over 1,600 public libraries. Tutor.com also powers two statewide, governor-supported initiatives, HomeworkKansas and HomeworkAlabama. Tutor.com was named to Deloitte's Technology Fast 50 Program for the New York Region in 2006 and honored as one of the 25 Best Small Companies for Women 2007 by Working Mother. For more information or a free trial of the service please visit Tutor.com or call 1.800.411.1970.
About Intel Capital
Intel Capital, Intel's venture capital organization, makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software, and services targeting enterprise, home, mobility, health, consumer Internet and semiconductor manufacturing. Since 1991, Intel Capital has invested more than US$6 billion in nearly 1,000 companies in more than 40 countries. In that time, about 180 portfolio companies have been acquired by other companies and another 155 have gone public on various exchanges around the world. In 2006, Intel Capital invested about US$1.07 billion in 163 deals with approximately 60 percent of funds (excluding Clearwire) invested outside the United States. For more information on Intel Capital and its differentiated advantages, visit Intel Capital.