Israeli startup LTG Exam Platform closed a $5.325 million Series A financing round earlier this month. The funding round was led by Square Peg Capital and other investors include Atlas Venture, Jamie McCourt, Edward and Mitch Roberts, Margot Lebenberg Carter, Brian Shin and Eric Dobkin.
With offices in Boston and Tel Aviv, LTG Exam Platform develops mobile apps for standardized test preparation that are already used by a half million students worldwide.
The investment will allow LTG to invest in building out its senior management team and strategy in key areas such as product, engineering, user experience, branding, demand generation and distribution; increase the depth of its portfolio of popular, free consumer apps, which currently includes Prep4SAT, Prep4GMAT, and the recently launched Prep4GRE for iOS and Android; and to develop revenue streams through new products and services that enable universities, business schools and other institutions to meet their marketing and enrollment objectives.
Test preparation currently costs students and their families thousands of dollars each year. Classes can range from $200 to more than $1,500, while private tutors can cost even more. LTG provides a free alternative, untethered from the classroom or the tutor’s schedule. These apps arm students with the mobility they have come to expect in all facets of their lives.
LTG designs its apps based on a proprietary algorithm that detects student’s individual learning patterns and dynamically optimizes the study process for that student. With the new funds, LTG will invest in creating an even more individualized approach for students by enabling developers to incorporate additional innovative features, after the success of School Matcher and Leaderboard, which were recently integrated.
LTG Exam founder and CEO Elad Shoushan said, “With a fresh capital investment on top of an incredible mobile product portfolio, we are poised to tap into a massive global market by assisting both students and schools. Our proprietary technology can be applied to virtually any standardized test, so the market potential is really unlimited.”
Square Peg Capital's Philippe Schwartz said, “From the get-go, LTG has steadfastly committed to leveraging mobile to put the power in the hands of twenty-first century students. The team has the potential to reshape not only how every student prepares for standardized test prep but also how students navigate their journey through higher education, and we’re proud to be a part of that.”
Published by Globes [online], Israel business news - www.globes-online.com - on March 21, 2016
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