Livemocha Scores $8M Series B Round, Looks to Expand Globally with New Partnerships
Now here’s an interesting deal from a company we’ve had our eye on for a while. Bellevue, WA-based Livemocha, which runs a popular language-learning website, announced today it has raised $8 million in Series B financing, led by new investor August Capital in Menlo Park, CA. Existing venture investor Maveron, based in Seattle, also participated in the round.
It’s one of the Seattle area’s biggest funding deals in the consumer Internet sector in all of 2009. And somehow a full year has gone by since I last wrote about this scrappy Web startup with a notable Ping-Pong culture. Livemocha says it has built the world’s largest online language-learning community, with more than 4.8 million registered members in 200-plus countries. The site offers courses in more than 30 languages, and members can communicate with each other and practice language skills (matching native speakers and learners) using text and video.
The latest funding round “underscores the large, disruptive potential of Livemocha,” said Shirish Nadkarni, the company’s CEO and co-founder, in a statement. “We are excited and well-positioned to realize a very ambitious vision for the future of language learning.”
Livemocha previously raised a $6 million Series A round led by Maveron in December 2007. The company says the new money will be used to accelerate its “platform innovation and new partnership launches,” which are planned for the next six to 12 months. Its revenues aren’t disclosed but are “growing rapidly,” according to a company statement. Livemocha says it has customers in 97 countries who pay for premium services.
It’s interesting to note that August Capital is working together with Maveron. The Seattle-based venture firm recently announced a new San Francisco office headed by partner Amy Errett. She sits on Livemocha’s board.