Myngle secures 1 million euro
E-learning marketplace Myngle has announced that it has obtained a government backed bank loan of € 950.000.
Myngle is an online platform linking language teachers and people desiring to learn languages. It was founded in 2007 and has around 50.000 members in 125 countries, offering lessons in 52 different languages.
The ministry of Economic Affairs' department SenterNovem, which has backed the loan does so for companies which stimulate economic developments and innovation.
At the beginning of 2008 Myngle raised € 800.000 in its first round from Dutch investment company HenQ and other external investors.
Marina Tognetti, CEO and founder of the Myngle said that: "At Myngle, we believe that in the current recession this business model will be anti-cyclical and offer possibilities for healthy growth. This is the moment that people and companies will become more aware of costs and budgets and we can react to that because we offer a good quality of language lessons for much lower prices than those of qualitative offline companies."
See here and here for our previous coverage of Myngle.
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