2tor Raises $26 Million Series D Financing
New funding accelerates growth of next generation high-quality online degree programs from top-tier universities
LANDOVER, Md., April 2, 2012 /PRNewswire/ – Today, education pioneer 2tor, Inc. closes a $26 million Series D round of financing led by an affiliate of the Hillman Company. New investors, SVB Capital and WestRiver Capital also participated in the round along with all of 2tor’s existing investors, Bessemer Venture Partners, Highland Capital, Redpoint Ventures, Novak Biddle Venture Partners and City Light Capital. The Series D brings 2tor’s total venture funding to $96 million, making the company one of the highest-funded education start-ups in the country.
2tor partners with prestigious institutions of higher education to deliver rigorous, selective degree programs online. 2tor is the leader in the emerging school-as-a-service (SaaS) market, providing end-to-end solutions for its university partners. 2tor’s offerings include technology infrastructure, program implementation and student retention services. 2tor’s learning management system features state-of-the-art technologies that engage students in robust social networks as they learn. Further, live classroom sessions connect students and renowned faculty, allowing them to meet and interact in real time. 2tor also works with university partners to provide field placements and professional services for its students, an offering that is unique in the SaaS market.
The Series D round of financing will support the launch of new partnerships with select universities. Each of 2tor’s partnerships is designed to deliver best-in-class degree programs to students both domestically and abroad. 2tor recently announced the launch of its fifth partner program, a Master of Public Administration from the University of North Carolina-Chapel Hill School of Government, and plans to announce a sixth partnership later this spring.
“Our goal is to create the world’s preeminent online degree programs,” says Chip Paucek, Co-founder and Chief Executive Officer of 2tor. “Together with our university partners, we are creating a new standard in distance learning. Our investors clearly embrace and share that vision. We are thrilled to have their support as we transform the online learning landscape.”
“2tor is leading a shift in the overall education market and changing the way great universities educate students,” says Talbott Simonds, Managing Director, Tondern Capital, an affiliate of The Hillman Company. “Doing this while building a strong business provides great opportunity for all partners involved, and we are pleased to support 2tor’s continued growth.”
Additionally, 2tor is announcing that Paucek, a recognized thought leader in education, will be joining the 2tor board of directors. Prior to joining 2tor, Paucek was the CEO of Hooked on Phonics and co-founder of Cerebellum Corporation, the company behind Standard Deviants, an award-winning educational television program.
About 2tor, Inc.
2tor, Inc. partners with top-tier universities to deliver rigorous, selective graduate programs online. Founded in 2008 by a unique team of education veterans, the company provides universities with the web technologies, infrastructural support and capital needed to compete in a space previously dominated by mediocre online programs. 2tor is one of the highest-funded education technology start-ups in the United States. The company has partnered with prestigious research universities to deliver the following groundbreaking online degree programs:
- MAT@USC: Master of Arts in Teaching from the University of Southern California Rossier School of Education
- MSW@USC: Master of Social Work from the University of Southern California School of Social Work
- Nursing@Georgetown: Master’s in Nursing from Georgetown University School of Nursing & Health Studies
- MBA@UNC: Master of Business Administration from the University of North Carolina at Chapel Hill‘s Kenan-Flagler Business School
- MPA@UNC: Master of Public Administration from the University of North Carolina at Chapel Hill‘s School of Government
About Hillman Ventures
The Hillman Company of Pittsburgh, Pennsylvania is a 65-year old corporate family office that is owned by, and advises trusts, corporations and foundations formed by or for the benefit of, the Hillman family. Investments include a globally diversified portfolio of direct and indirect interests in venture capital, private equity, real estate, natural resources and other alternative assets.
About SVB Capital
SVB Capital, a member of SVB Financial Group with Silicon Valley Bank, invests in venture capital funds and directly in portfolio companies. The SVB Capital family of funds exceeds $1.5 billion and includes co-investment funds, venture capital fund of funds, sponsored venture debt funds, and a sponsored specialty debt fund, which are all invested predominantly on behalf of institutional investors. www.svbcapital.com.
Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System.
About WestRiver Capital
Founded in 2008, WestRiver Capital Management, LLC is the fund manager of a $250 million institutional equity value added commercial real estate debt fund. Located in New York City, the fund is an extension of Westmont’s asset and investment management businesses, currently managing $2 billion of equity capital and over $10 billion of assets.
Shirley Chow, Public Relations Manager, 858-336-0358 or email@example.com
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