Livemocha Secures $6 Million in Venture Capital Series A Funding Led by Maveron

Funding to Accelerate Popular Language Learning Site's Functionality and
Growth

SEATTLE, Jan. 15 /PRNewswire/ -- Livemocha, a next generation language
learning company, today announced it has secured $6 million in funding led by
Maveron LLC. Livemocha plans to use the funding to accelerate the site's
functionality, global appeal and growth. Livemocha addresses a $20 billion
worldwide market for language learning fueled by rapid globalization,
immigration and travel.
"We are thrilled to have Livemocha as part of our portfolio. The
company's interactive platform changes the language learning paradigm --
empowering a global community of users to learn a new language in an engaging,
mutually reinforcing and low cost way," said Debra Somberg, general partner at
Maveron. "With Livemocha's platform already generating buzz around the globe,
the site is positioned to become the premier international brand for
conversational language learning."
Livemocha is redefining the language learning market by integrating rich
dynamic online instructional content with a social network of native language
speakers. Livemocha provides instructional content for English, Spanish,
Mandarin Chinese, Spanish, French and German. Users of the site can not only
learn these popular languages but also build true speaking and writing
proficiency with the help of native language speakers within the Livemocha
community. Livemocha's platform gives users the type of multicultural
language learning experience that was previously possible only by traveling
abroad.
Having publicly launched at DEMOfall in September 2007, Livemocha has
already demonstrated strong growth in the online education market with over
130,000 community members representing over 200 countries who through their
daily interactions are generating over 25 million pageviews a month. The
Livemocha site is now available in Mandarin Chinese and Spanish making it more
accessible to Chinese and Spanish speaking users all over the world.
"As a local venture capital firm with significant experience in both the
online education and consumer markets, we are pleased to have support from
Maveron," said Livemocha CEO Shirish Nadkarni. "We look forward to leveraging
Maveron's expertise and relationships to seek new partnership opportunities
and accelerate our growth."
About Livemocha
Livemocha, a Seattle based start-up is redefining the language learning
market through the introduction of a language 2.0 platform that integrates
rich dynamic online instructional content with a social network of native
language speakers. Unlike CDs and books that often gather dust, Livemocha
helps users gain true conversational proficiency and deeper cultural knowledge
by allowing them to tap into the native language expertise of Livemocha's
global network of language learners.
About Maveron
Headquartered in Seattle, Washington, Maveron LLC is a leading
consumer-focused venture capital firm. Founded in 1998 by Howard Schultz and
Dan Levitan, Maveron's mission is to partner with entrepreneurs in the
creation of extraordinary companies across the Consumer Continuum(TM) in order
to generate outstanding financial returns. Representative Maveron investments
include fast-growing classic consumer companies such as Potbelly Sandwich
Works and Eos Airlines, businesses that use technology to deliver goods and
services directly to consumers such as eBay and Capella University, and
companies like Allconnect and Video Egg, which supply technology and services
to consumer-facing businesses. For more information about Maveron, visit
http://www.maveron.com.
Media Contact:
Melissa Smolensky
Porter Novelli
512-423-3382 (cell)
melissa.smolensky@porternovelli.com

SOURCE Livemocha

Melissa Smolensky of Porter Novelli, +1-512-423-3382,
melissa.smolensky@porternovelli.com, for Livemocha