CRAMSTER.COM NOW IN EXPANSION MODE AFTER $3M INVESTMENT
Opportunity knocks for the online study community with the addition of industry veteran Shai Reshef
PASADENA, Calif., - September 25, 2008 - Online study community Cramster.com announced today it has secured $3M in Series A financing led by Mr. Shai Reshef, an online education industry veteran. Reshef has been appointed Chairman, joining Co-founders Aaron Hawkey and Robert Angarita on the Board.
Cramster.com is a global study community that helps hundreds of thousands of students understand math, science and engineering problems. Cramster.com functions much like a face-to-face study group where people openly share notes, review practice exams, and walk each other through difficult homework problems. The site's community includes college students, high school students, educators and subject enthusiasts.
Reshef infuses Cramster.com with 20-plus years of education industry knowledge and experience. Prior to Cramster.com, Reshef was the owner and Chairman of the Kidum Group - the largest Israeli for-profit educational service company - which was sold in 2005 to Kaplan, a subsidiary of the Washington Post. Reshef also served as Chairman of KIT e-learning, a partner of the University of Liverpool, which was sold to Laureate in 2004. "With Cramster's community learning model, everyone has access, everyone can participate, and everyone can learn at their own pace," said Reshef. "The lack of this type of open dialogue has hampered online learning in the past. Now that students connect to the Internet as part of everyday life, and with Web 2.0 normalizing more open and shared experiences, the online education industry is finally poised to reach its full potential. I saw in Cramster.com the people, infrastructure and community necessary to lead this movement." Cramster.com will use the investment to broaden its subject areas, accelerate new features, and create greater awareness in the college and high school markets.
"We are excited to have reached this funding milestone and to have Shai Reshef as part of our team," said Angarita. "We are in a great position to capitalize on the increased desire among today's students for an alternative form of help. Students are already on the Internet almost 24/7, glued to their social networks - when the time comes for them to study, this new investment will enable us to bring more of them and their classmates to Cramster.com."
About Cramster.com
Cramster.com is an online study community of students, educators and subject enthusiasts. Cramster.com also owns and operates the largest class schedule-sharing application on Facebook, Courses 2.0.
Cramster.com is a global study community that helps hundreds of thousands of students understand math, science and engineering problems. Cramster.com functions much like a face-to-face study group where people openly share notes, review practice exams, and walk each other through difficult homework problems. The site's community includes college students, high school students, educators and subject enthusiasts.
Reshef infuses Cramster.com with 20-plus years of education industry knowledge and experience. Prior to Cramster.com, Reshef was the owner and Chairman of the Kidum Group - the largest Israeli for-profit educational service company - which was sold in 2005 to Kaplan, a subsidiary of the Washington Post. Reshef also served as Chairman of KIT e-learning, a partner of the University of Liverpool, which was sold to Laureate in 2004. "With Cramster's community learning model, everyone has access, everyone can participate, and everyone can learn at their own pace," said Reshef. "The lack of this type of open dialogue has hampered online learning in the past. Now that students connect to the Internet as part of everyday life, and with Web 2.0 normalizing more open and shared experiences, the online education industry is finally poised to reach its full potential. I saw in Cramster.com the people, infrastructure and community necessary to lead this movement." Cramster.com will use the investment to broaden its subject areas, accelerate new features, and create greater awareness in the college and high school markets.
"We are excited to have reached this funding milestone and to have Shai Reshef as part of our team," said Angarita. "We are in a great position to capitalize on the increased desire among today's students for an alternative form of help. Students are already on the Internet almost 24/7, glued to their social networks - when the time comes for them to study, this new investment will enable us to bring more of them and their classmates to Cramster.com."
About Cramster.com
Cramster.com is an online study community of students, educators and subject enthusiasts. Cramster.com also owns and operates the largest class schedule-sharing application on Facebook, Courses 2.0.