Achieva.com Raises $22 Million in Financing; Strategic Investments by Seligman and TCV Fuel Growth in Achieva.com's Product Offerings for Schools Nationwide.Business Editors/Technology Writers SAN MATEO San Mateo (săn mətā`ō), city (1990 pop. 85,486), San Mateo co., W Calif., on San Francisco Bay; inc. 1894. It is a commercial and retail center with some high-technology manufacturing. San Mateo, Spanish for St. , Calif.--(BUSINESS WIRE)--Feb. 5, 2001 Achieva.com, the only comprehensive online student college prep service provider for schools, today announced completion of a $22 million financing round, raising new equity from top-tier institutional investors. This round of funding, led by J. & W. Seligman & Co. (Seligman) and including Technology Crossover Ventures (TCV TCV Total Contract Value TCV Tokyo City View TCV Treasury Corporation of Victoria (Australia) TCV Temperature Control Valve (Industrial control description) TCV Total Containment Vessel ), builds on Achieva.com's early funding of $15 million led by TCV in April 2000. "Our decision to invest in Achieva.com is driven by our confidence in the company's management, its vision, and its proven success in the education market," said Rick Friedman, Technology Crossover Ventures. "As a lead investor, we are delighted to lend our support to Achieva.com to help solidify its position as a market leader in education, the next 'killer app' of the Internet." This latest round of funding will fuel Achieva.com's aggressive product development program, enabling the company to expand its range of tailored services to large middle and high schools across the country. Funds from the round will also be used as general working capital, and for accelerating strategic partnerships and acquisitions. "New capital from leading investors and venture capital firms Name Location Founding date Managing Partners/Directors Specialty Capital managed 5AM Ventures Menlo Park, CA; Waltham, MA 2002 John Diekman, PhD (managing partner), Scott Rocklage, PhD (managing partner), Andrew Schwab (managing partner) life sciences $200M [1] like Seligman and TCV is a strong endorsement of our ability to deliver value to large school districts nationwide, and realize the potential of technology in the multi-billion-dollar education market," said Carlos Watson Not to be confused with Carlos Watson, television host. Carlos Enrique Watson Simes (born November 22, 1951) is a former Costa Rican soccer player and general coach for several Costa Rican soccer teams, including national teams. , co-founder and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Achieva.com. About Achieva.com Based in San Mateo, Achieva.com is the leading comprehensive online college prep service for middle and high school students. Achieva.com's online courses incorporate its proven college guidance approach combining study strategies and tools, admissions counseling, test preparation, and detailed scholarship, financial aid and college information. Achieva is an independent venture owned by its investors, management and employees and can be contacted at 800/566-5030 and at (http://www.achieva.com). About J. & W. Seligman J. & W. Seligman & Co. Incorporated was founded in 1864. Based in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , Seligman is an investment manager and advisor with more than $40 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. as of June 30, 2000. The Seligman Technology Group, a division of Seligman, managed approximately $15 billion in technology assets as of Sept. 30, 2000, including more than $1 billion in venture capital assets capital assets n. equipment, property, and funds owned by a business. (See: capital, capital account) , on behalf of its clients, representing investments in more than 135 private technology companies. With respect to its venture capital investments, the Group focuses on the Internet and new media, broadband and fiber optics fiber optics, transmission of digitized messages or information by light pulses along hair-thin glass fibers. Each fiber is surrounded by a cladding having a high index of refractance so that the light is internally reflected and travels the length of the fiber , digital consumer electronics, biometric technology, and wireless communications and computing areas. About Technology Crossover Ventures Technology Crossover Ventures, one of the largest multi-stage venture firms in the country, was founded in 1995 to capitalize on the emergence of the Internet and to create a new model for Internet investing. Since its founding, TCV has invested in more than 70 Internet companies, with such business-to-business successes as Ariba, C|NET, and Copper Mountain. The firm's primary Internet focus includes: business-to business, Internet infrastructure, eBusiness applications, and Internet services. |
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