Wimba Closes $6 Million in Series C Funding Led by ABS Ventures
Investment Accelerates Technical Innovation and Market Expansion
NEW YORK (June 9, 2009) – Wimba® Inc., the education technology company that helps people teach people, announced today that it closed $6 million in a round of Series C venture capital financing led by ABS Ventures. This new funding will drive continued development of innovative collaborative technology and market expansion, leveraging the strength of the award-winning Wimba Collaboration Suite™ and its enthusiastic adoption amongst learning communities around the world.
In conjunction with this funding, Bruns Grayson, Managing Partner at ABS Ventures, has joined the Wimba board. With over 25 years of investment experience, Grayson’s expertise includes work in the data communication, software and medical device sectors as well as management of both private and public companies. Grayson is a graduate of Harvard College, Oxford University and the University of Virginia School of Law, and was elected as a Rhodes Scholar. In addition to Wimba, Grayson is an active board member of the Active Network, Intact Medical, and Rib-X Pharmaceuticals.
“I’ve been following the evolution of the virtual learning market for years now and am so impressed by how Wimba’s solutions improve the effectiveness of online instruction, student retention and engagement,” said Grayson. “Wimba’s board is made up of seasoned veterans with whom I have already enjoyed working. We are focused and committed to accelerating the development and adoption of Wimba in both higher education and K-12 learning communities.”
“ABS Venture understands the fundamentals of our market and the opportunities we have to help educators meet the challenges of engaging and retaining 21st century learners,” said Carol Vallone, CEO and Chairman of the Board at Wimba. “Its Series C funding represents a strong endorsement of our solution and will help fuel continued product development and momentum in the education sector. Bruns is an outstanding addition to our board and we have already benefited from his expertise and enthusiasm.”
The Wimba Collaboration Suite—recently awarded the 2009 “Best Education Solution” CODiE award by the Software & Information Industry Association (SIIA)—enhances learning, improves outcomes and increases student retention. By combining interactive technologies such as voice, video, podcasting, instant messaging, application sharing, polling and whiteboarding, students and teachers are empowered with a unique collaborative environment that fosters dynamic interaction between students and instructors as well as peer-to-peer communication between students and faculty.
About ABS Ventures
ABS Ventures, founded in 1982, is a Boston-based venture firm focused on software, communications, and healthcare investment opportunities. ABS Ventures employs both primary and secondary direct strategies for mid-stage technology company investing. The firm helps talented management teams build industry-leading companies by providing financial, strategic, technical and operational support. ABS Ventures manages more than $320 million in assets. www.absventures.com
Adapted from PRWed (http://www.prweb.com/releases/2009/06/prweb2505734.htm)