Toronto, Ontario – May 10, 2007 – MMV Financial Inc. announced today that it has provided New York City-based Tutor.com, the leader in live, on demand tutoring and homework help services, with a US$4 million venture loan.
“MMV recognized the strength of our institutional business and was able to offer us the financing we needed to expand our services to a new market – consumers,” explained George Cigale, founder and CEO of Tutor.com.
Over 1,600 library locations offer Tutor.com’s flagship Live Homework Help service to provide students with one-to-one on demand homework help from experienced tutors online. In 2006, the Company launched Tutor.com Direct, a portal giving students direct access to its network of tutors from anywhere. “There is an untapped market of millions of families with school age children who will benefit from on demand access to the largest professional tutor network available,” said Mr. Cigale. “MMV’s financing will allow us to dramatically increase our sales and marketing efforts to reach these families and establish strategic partnerships to grow our subscriber base.”
“Tutor.com is the leading online platform for tutorial services,” said Ron Patterson, Executive Vice President, MMV Financial Inc. “MMV is impressed by the company’s value proposition, remarkable client base, strong management team, and new initiatives which we believe will result in solid growth.”
The Company is venture-backed, initially funded by Dawntreader Ventures, a fund focused on building market leading technology enterprises, particularly in the internet and digital media sectors. The Company also recently raised an additional $9.5 million in equity led by new investors Intel Capital, Ascend Venture Group, and Kidron LLC, with participation from Dawntreader.
Tutor.com creates innovative, on demand homework help and tutoring services that connect students to a professional tutor online the moment they need help in math, science, social studies or English. Our network of over 1,300 professional tutors has delivered over 2 million one-to-one tutoring sessions. Tutor.com services include Tutor.com Direct, an on demand tutoring service for families and Live Homework Help, an after-school program offered at over 1,600 public libraries. Tutor.com also powers two statewide, governor-supported initiatives, HomeworkKansas and HomeworkAlabama. Tutor.com was named to Deloitte's Technology Fast 50 Program for the New York Region in 2006 and honored as one of the 25 Best Small Companies for Women 2007 by Working Mother. For more information or a free trial of the service please visit www.tutor.com or call 1.800.411.1970.
About MMV Financial Inc.
MMV Financial is a Toronto-based specialty finance company providing creative debt solutions directly to technology and life sciences companies across North America. MMV is backed by top U.S. and Canadian private equity firms and financial institutions including CCP Equity Partners, Caisse de dépôt et placement du Québec, NewStar Financial, Inc., and Wells Fargo Company. For more information visit www.mmvf.com.
Executive Vice President
MMV Financial Inc.
212-528-3101 ext. 228 / 888-888-6726 ext. 228