First round of financing to fuel worldwide ambitions and innovation
Munich, Friday 5th June 2015 – Speexx, the leading provider of cloud-based communication and language skills training for large organizations, has raised $5 million in a Series A round of funding from Ventech and Alto Invest. Speexx will leverage the funds to continue enhancing its product and service portfolio and extend its global footprint.
Ventech and Alto Invest led the Series A investment in the e-learning company, which is based in Munich/Germany. Speexx will use the funding to grow sales and marketing at 9 hubs in APAC, EMEA, and the Americas and to accelerate the delivery of visionary new language training solutions.
The online language training marketplace is very active right now. The global market for mobile and online English training is expected to grow to $ 2.58 bn by 2016 with a substantial additional opportunity for languages other than English. The overall global corporate language training market is worth $ 20 bn and in the early stages of disruption through cloud based one-stop solutions like Speexx.
“Ventech and Alto Invest have an outstanding track record in accelerating global growth for European tech companies.”, says Jörg Koberling, CEO and Founder of Speexx. “We already enjoy a unique position in the global language training market, bringing our customers a scalable cloud-based one-stop solution for cross-border communications skills training. This investment will help us speed up the growth of our sales and marketing force to meet global demand for our corporate solutions. We’re delighted to work with such excellent partners as Ventech and Alto Invest, as they clearly share our values and vision.”
‘We are very excited to accompany Speexx’s highly professional management team on their mission to build a leading position in this highly attractive market segment. The combined growth financing from Ventech and Alto Invest will certainly also benefit Speexx’s client base by accelerating product evolution and further strengthening of their worldwide customer support’, says Christian Claussen, General Partner with Ventech.
Stefan Berger, Venture Partner, commented: “AltoInvest is delighted to participate to the share capital increase, jointly with Ventech, which we believe will augment the group, both strategically and financially, thereby enhancing shareholder value and the extremely compelling value proposition to very prestigious and international customers.”
Speexx is empowering communication for more than 7 million subscribers at 1500+ organizations worldwide. Speexx features online and mobile courses and learning tools for all users across all devices, as well as business analytics and APIs for enterprise customers, from SMB to Fortune 500.
