OpenEnglish Raises US$42.9 Million, Sets Sights on Brazil

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We at PulsoSocial just received word that OpenEnglish, the online language school founded by Andrés Moreno of Venezuela six years ago, has closed a 42.9-million-dollar investment deal, as appears in the notification SEC file.

The distribution of the funds are  the following: US$2.9 million to liquidate collaborators’ stock options, US$20 million as a buyout for previous investors, and US$20 million for the company’s landing in the Brazilian market.

The investment comes from Redpoint Ventures, which manages a fund worth US$1.05 billion, and Insight Ventures, with US$2.02 billion in capital. OpenEnglish already has a quite extensive investment portfolio, having received US$2 million from Kaszek in November of last year as well as capital from Flybridge and numerous angel investors. It has been reported that Kaszek will continue its participation.

This new influx of resources adds on to the US$12 million of investments already obtained by OpenEnglish. It serves as an example of how an online enterprise directed at the Latin American market (Spanish-speakers and now Portuguese-speakers, too) can become a success story of the likes of Silicon Valley. Latin America is coming together as a market.

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Emily Stewart

Originally from the United States. Degree in Comparative Literature & Society from Columbia University. Background in marketing and communications, including copywriting, translation, editing and content creation. Localization experience. Twitter @doblackshoe