By CHRIS BARTON
Venture capital fund No 8 Ventures has taken a 45 per cent stake worth $2 million over two years in English To Go - an internet site which provides teachers with instant lesson plans and resources.
The site was launched in November 1998 with $4000 and "a hell of
a lot of sweat" by Auckland-based John Eyles and three other ex-teachers. It focuses on teachers of English as a second language.
Until recently, it had been providing all its "Instant Lessons" for free, but now charges $US20 for six months' access to its archive.
Mr Eyles said it now had about 1000 subscribers with more than 100,000 lessons downloaded each week by teachers in 90 countries - mainly from Japan, the United States and South America. Lesson content is created by a New Zealand team and other contributing teachers using news stories from Reuters as the basis for each lesson.
The new funding will be used to beef up the company's web servers in the United States and for marketing - plus expansion into other online learning markets.
Jenny Morel of Morel Ventures, the manager of No 8 Ventures, said the company was impressed by English To Go's knowledge of its industry and its "commitment to quality." She said there was potential in the online education market.
English to Go is the fifth investment for the $27 million venture capital fund. Other investments include software company Tacit Group and internet medical website Dr Global.
Links
English to Go
