Contact Information: Contact: Kim Hughes Director of Communications Austin Ventures 512-485-1955 David Anderson Administrative Partner vSpring Capital 801-942-8999 Gregg Rosann President & CTO The American Academy 801-931-2707 x601
The American Academy Raises $5.9 Million From Austin Ventures, vSpring
Leading Online High School Poised to Expand Offerings
| Source: Austin Ventures; The American Academy
SALT LAKE CITY, UT--(Marketwire - December 15, 2009) - The American Academy, a leading online
high school and educational services provider, today announced it has
raised $5.9 Million in a Series B financing led by Austin Ventures, one of
the nation's leading venture and growth capital firms, with participation
from existing investor vSpring Capital. This investment will enable The
American Academy to further expand its position as a leader in the rapidly
growing online education market.
The American Academy (TAA) is an accredited online high school offering
more than 230 courses supported by state-licensed teachers. Students of any
age can attend The American Academy and earn credits or a full high school
diploma. Using its innovative School As a Service™ technology,
curriculum and school management platform, the company has recently
expanded its offering to assist brick and mortar schools in launching their
own online learning programs. The company currently educates students in 43
states and 8 foreign countries.
"We are pleased to announce this investment led by Austin Ventures," said
Gregg Rosann, President and CTO of The American Academy. "This funding will
allow us to expand our products and services in the coming months, offering
school districts of all sizes affordable, practical online learning
solutions. Our nation's schools are faced with a number of serious
challenges, including the need to provide viable alternatives to this
country's more than 5 million high school-age dropouts. Online learning is
ideally suited to solve these problems by providing flexible options for
kids."
"We are confident in the vision and relevance of The American Academy, as
well as the team's commitment to their mission. We believe The American
Academy is offering innovative solutions to issues that affect every
community in this country," said Mike Dodd, Venture Partner at Austin
Ventures and American Academy board member. "TAA's strong growth is
evidence that the market is ready to accept online learning as a solution
to one of the country's greatest educational challenges."
About The American Academy
The American Academy is an online high school and educational services
provider with students in 43 states and 8 countries. The school has earned
full regional accreditation from the Northwest Association of Accredited
Schools, and offers more than 230 online courses, all supported by
state-licensed teachers. The American Academy specializes in offering
School As a Service™, an innovative technology, curriculum and services
platform that allows brick and mortar schools to rapidly deploy online
learning solutions for dropout and credit recovery. For more information,
visit www.TheAmericanAcademy.com.
About Austin Ventures
Austin Ventures (AV) has worked with talented entrepreneurs to build
valuable companies for nearly twenty-five years. With $3.9 billion under
management, AV is the most active venture capital and growth equity firm in
Texas and one of the most established in the nation. With an investment
focus on business services and supply chain, financial services, media and
information services, software and Internet, education, and Texas special
situations, AV invests at all stages of company development, from $100,000
in "planned experiments" in early stage ideas to $100+ million investments
in expansion rounds, minority recapitalizations, and buyouts of lower
middle market growth companies. AV's strategy is to partner with talented
executives and entrepreneurs through its CEO-in-Residence and
Entrepreneur-in-Residence programs. Visit www.austinventures.com for more
information.
About vSpring Capital
vSpring Capital is an early-stage venture capital firm with over $400
million under management. With offices in Utah and New Mexico, vSpring
invests in information technology and life science companies that have the
potential to transform their markets and create lasting value. For
additional information please visit www.vspring.com.