Tutor.com Secures $11 Million in Financing.Business Editors NEW YORK--(BUSINESS WIRE)--June 20, 2000 The Premiere Online Learning Community Enabler Announces Funding from Leading 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] and Appointment of Former Secretary of Labor Robert B. Reich to Board of Directors Tutor.com (www.tutor.com), the premiere enabler of online learning communities, has closed a second round of financing totaling $11 million, it was announced today by 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. George Cigale at VentureOne Exchange in Boston, Massachusetts “Boston” redirects here. For other uses, see Boston (disambiguation). Boston is the capital and most populous city of Massachusetts.[3] The largest city in New England, Boston is considered the unofficial economic and cultural center of the entire New . Tutor.com instantly matches learners anytime, anywhere with educators for on- and off-line learning on a comprehensive list of subjects. The announcement coincides with the appointment of former Secretary of Labor, Robert B. Reich, to the tutor.com Board of Directors. Joining lead investor Wit SoundView Ventures are first round investors The Princeton Review and Northstar Capital Partners. In connection with Wit SoundView Venture's investment, tutor.com has appointed Daniel DeWolf, Managing Director of Wit SoundView Ventures, to its Board of Directors. "The investment of these venture firms is a great validation of the unique offering that tutor.com provides the learning community," says George Cigale, CEO of tutor.com. "With the addition of Secretary Reich and Mr. DeWolf to our board, and further financial backing, tutor.com is poised to set new milestones in online learning." "Distance learning is an emerging market with enormous revenue potential. Tutor.com, with its strategy to provide a customizable turn-key solution to enable partners to create learning communities, is uniquely positioned to be a market leader," says Daniel DeWolf, Managing Director, Wit SoundView Ventures." "I have dedicated my career to creating an open and equal labor market labor market A place where labor is exchanged for wages; an LM is defined by geography, education and technical expertise, occupation, licensure or certification requirements, and job experience -- and equality in education is fundamental to ensuring equal opportunity in the workforce," says Reich. "Online learning is dramatically changing the educational landscape. Tutor.com's commitment to improving education by offering anyone, anywhere access to quality instructors, while providing a marketplace for people with knowledge, will help establish a level playing field See net neutrality. . After all, tomorrow's economy is in the hands of today's students." The additional investment in tutor.com will be used to further develop the infrastructure of its Internet site and to increase and strengthen the company's national marketing, sales and strategic business development efforts. About Tutor.com Founded in 1999 in partnership with The Princeton Review, tutor.com has more than 16,000 registered tutors in more than 375 subjects. Tutor.com allows learners to easily search an extensive database of registered tutors by multiple criteria including subject and hourly fee as well as teaching philosophies, academic and teaching qualifications and reviews from previous students. In addition to Wit SoundView Ventures and The Princeton Review, tutor.com has formed alliances with respected organizations such as The Learning Company, National Education Association, HomeworkCentral, ThinkWave, HighWired.com and Blackboard, Inc. About Wit SoundView Ventures Wit SoundView Ventures is the venture capital unit of online investment banking firm Wit SoundView Group, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : WITC WITC Wisconsin Indianhead Technical College ). Wit SoundView Ventures focuses primarily on early stage investments in Internet and technology companies and actively works with management to build market-leading companies. Representative portfolio companies include X:drive, Gurunet, Expertcity, iWon.com, Priceline's Webhouse Club, and MaterialNet. The Wit SoundView Ventures management team also manages Dawntreader Fund, LLP LLP - Lower Layer Protocol , an independent early stage fund, whose portfolio companies include iPrint (NASDAQ: TPRT), LivePerson (NASDAQ: LPSN LPSN Local Support Partner News ), Gurunet, Whatshotnow.com and Expertcity. About Robert B. Reich Robert B. Reich served as the nation's 22nd Secretary of Labor during President Bill Clinton's first term. Under Reich's leadership, the Labor Department The Department of Labor (DOL) administers federal labor laws for the Executive Branch of the federal government. Its mission is "to foster, promote, and develop the welfare of the wage earners of the United States, to improve their working moved forward on several path-breaking initiatives to build the skills of American workers including the School-to-Work Opportunities Act and Goals 2000. The School-to-Work Opportunities Act, signed into law in 1994, eases the transition from secondary education to the world of work for the 75 percent of America's youth who do not graduate from college. Goals 2000, also enacted in the first two years of the Clinton Administration Noun 1. Clinton administration - the executive under President Clinton executive - persons who administer the law , establishes a national system of skill standards, certifying that workers have the skills that employers need. Prior to becoming Clinton's first Secretary of Labor, Reich was a member of the faculty of Harvard University's Kennedy School of Government. He obtained an M.A. as a Rhodes Scholar Rhodes scholar n. A student who holds a scholarship established by the will of Cecil J. Rhodes that permits attendance at Oxford University for a period of two or three years. Rhodes scholarship n. at Oxford University and holds a J.D. from Yale Law School Yale Law School, or YLS, is the law school of Yale University in New Haven, Connecticut. Established in 1843, the school offers the J.D., LL.M., J.S.D., and M.S.L. degrees in law. It also hosts visiting scholars and several legal research centers. . Robert B. Reich is the author of seven books. He currently resides in Cambridge, Massachusetts and is University Professor at Brandeis University and its Heller Graduate School in Waltham, MA. |
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