Press Releases | 2000
TestU Raises $15 Million in Second Financing Round
Vertex and SCP lead investment with $8 million
Jul 31, 2000
Tel Aviv, Israel -- July 31, 2000 – Test University, Inc., the premier Internet-based standardized test preparation company, today announced that it has raised $15 million in its second round of financing. Vertex, a leading Israeli venture capital fund and SCP, a leading US fund each invested $4 million, other investors include Selway Partners.
TestU aims to be "a virtual university" creating test success for every student and provide the ultimate learning environment for standardized test preparation, such as SAT, ACT, high school exit exams, TOEFL, GRE and GMAT. The platform features virtual tutors in an engaging, interactive and easy-to-use environment. The company says the new funds will be used for course development and to increase its marketing and brand development activities in the USA and the Pacific Rim.
Rick Bolton, TestU President and CEO, said "TestU is a market leader in the distance learning field using content and technology to create individualized courses for students preparing themselves for critical exams on-line. TestU is well positioned to play a leadership role in the fast-growing State exam market." according to Dr. Gideon Shichman, VP Vertex Venture Capital - Israel, "TestU is part of Vertex’s investment strategy of developing leading web enterprises. TestU gives e-learning a whole new meaning. The Company is introducing a new model for interactive test preparation. It is the first truly affordable and readily accessible method of test preparation. TestU’s application democratizes education and provides a significantly broader population access to key tools to attain education and opportunity."
TestU is a leading online standardized test preparation company dedicated to providing high quality, accessible, and affordable test preparation to everyone. TestU provides affordable test preparation to individuals, as well as to schools and school districts complete with its testSCOPE Reports, which allow school administers to effect change proactively. TestU was founded in August 1999 by top academics, educational experts, administrators, and teachers. TestU’s strategic partners include the National High School Association, the California League of High Schools, the Research and Education Association and Barron’s Educational Series. Previous investors include THCG, Selway and CIP Capital. To learn more, visit the Company’s website at www.testu.com.
Vertex Israel manages three venture funds with a total capital of $250 million and is part of the international Vertex venture capital Group. The Group manages almost $1 billion through offices in the United States, the United Kingdom, Israel, Singapore, China, Taiwan and Hong Kong. Vertex Israel investments focus primarily on seed and early stage Israeli and North American start-up companies that specialize in the areas of communications and Internet enabling technologies. Strategic Vertex investors include Singapore Technologies, Israel Discount Capital Markets and Investments, Creative Technologies, Investec and Nomura/Jafco. Current portfolio companies of over 30 leading technology companies include: Tradeum (sold to VerticalNet), Telegate (sold to Terayon), MetaLink (NASDAQ: MTLK), MoreCom (sold to Liberate), PowerDsine, D-Pharm, Actelis, congruency, ImageID and VisionTech. To learn more, visit the Company’s website at www.vertexisrael.co.il.