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WebED Receives Follow-On Round of Financing for Internet-Based Teacher Training Startup.

Business/Technology Editors

HAMPTON, N.H.--(BUSINESS WIRE)--Oct. 4, 2000

WebED, Inc. (www.WebED.com), one of the nation's leading providers of Internet-based compulsory professional development training for educators, today announced that it completed an institutional financing round from Venture Investment Management Company, LLC (VIMAC), a Boston-area venture capital firm. The funds will be used for sales and marketing expansion and product development.

Prior to this round of institutional investment, WebED successfully developed a leading market position in the online K-12 professional development arena through a series of angel financing rounds amounting to nearly $5 million in funding. The Company serves a marketplace of more than five million K-12 educators and educational staff in school districts across the country with a current online curriculum of more than 200 high quality course titles for K-12 professionals.

"VIMAC's financial interest in WebED mirrors a growing national movement to ensure the professional readiness of our nation's educators," said WebED Chairman and CEO, William O'Connell. "Clearly, an investment in WebED's proprietary system for delivering practical, accessible, and affordable courses to K-12 teachers and administrators is a solid investment in our country's future."

Commenting on the WebED investment, VIMAC Director of Investments, Neal Hill, said, "The WebED team is not just adding educational opportunities for educators, they are directing the course of education in this country by forging a truly innovative relationship between education and technology. Really, they have what investors are looking for--a solid group of hard working individuals with the background and follow-though to make things happen."

WebED markets courses to public and private school districts and state education agencies for use in the professional staff development of teachers and administrators. These self-guided, self-paced courses are delivered on demand via the Internet, enabling educators to complete compulsory training 24 hours a day, 7 days a week. WebED's real-time, asynchronous distance learning model benefits educators through increased personal convenience, access to a broader range of professional development choices, current teaching resources, and opportunities to integrate Internet learning into the classroom. Reducing the need for substitute teachers and travel budgets, WebED programs provide schools with cost-effective alternatives to traditional seminars and workshops.

WebED has engineered a proprietary web-based system for tracking and administering its courses. It acquires and re-designs its academic content in cooperation with qualified authors, workshop providers, select institutions, and professional practitioners. WebED works in close cooperation with the national Association of Education Service Agencies (AESA), whose 520 local ESA affiliates and over 100,000 nationwide employees are leading providers of educational services to US school districts. Through an affiliation with Endicott College, WebED also offers courses that qualify for graduate credit.

WebED is based in Hampton, New Hampshire, where it operates with a staff of experts in education, engineering, publishing, marketing, administration, and finance. The Company has established formal affiliations with a number of leading academic, philanthropic, and media organizations, including Educators Publishing Service, The Neag Center for Gifted Education and Talent Development, National Education Institute, U.S. Learning Systems, The Doug Flutie, Jr. Foundation for Autism, and New Hampshire Public Television.
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Publication:Business Wire
Date:Oct 4, 2000
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