New funding accelerates growth of next generation high-quality online degree programs from top-tier universities
LANDOVER, Md., April 2, 2012 – 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.