Babbel, a Berlin-based provider of an online learning system for foreign languages, closed a $10m Series B funding.
Backers included Reed Elsevier Ventures, Nokia Growth Partners, IBB Beteiligungsgesellschaft, and Kizoo.
The company, which had previously raised $2.2m in equity and debt financing, intends to use the capital to accelerate international expansion (European countries, the Americas and emerging markets) and improve the adaptation to all relevant mobile and online platforms.
Operated by Lesson Nine GmbH and led by Markus Witte, CEO, Babbel.com provides an online language learning system, which allows both beginners and continuing learners to study French, Spanish, Italian, Brazilian Portuguese, Swedish, German, Dutch, Indonesian, Polish, Turkish, Norwegian, Danish and English via interactive listening, writing and speaking exercises.
The website babbel.com offers numerous online courses.
In addition, the company offers apps for iPad, iPhone, iPod, Android and Windows 8 devices, as well as interactive eBooks.
Lesson Nine recently acquired competitor PlaySay.
FinSMEs
26/03/2013