Online English language school Open English has raised more than $40 million in its latest financing round, the company announced. New York-based Insight Venture Partners led the round. California-based Redpoint Ventures and existing investors including Flybridge and Kaszek also participated. The exact amount of the round came in at a reported $43 million, according to news reports.
Open English is a panregional advertiser and has used cable to promote its classes to Latin American audiences.
Funds are going to be used to expand in Latin America with particular emphasis on Brasil.“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.”
Today, the startup employs 1,000 people (40 of whom are in Miami), has offices across Central and South America, and serves 80,000 students in over 20 countries.