Myngle successfully launches global online marketplace for live

Almost 20.000 users in 7 months, raises 800.000 euro in 1st financing round, wins prize for one of the most promising ICT companies in Benelux.

Amsterdam, August 2008 – Since December 2007, Myngle has been bringing together language teachers and students from all over the world enabling live lessons or conversational practice over the Internet. Myngle offers a solution that provides the possibility of teaching or receiving live one-on-one classes from the comfort of your home for practically any language and level from any type of teacher.

Since last December almost 20.000 users registered on Myngle for teaching or taking language lessons. Myngle also closed a first financing round raising 800.000 euro from both professionals and private investors. On the Benelux Venture 50 conference Myngle was elected one of the most promising ICT start ups in the Benelux.

How does it work?

Basically Myngle removes the physical dimension to learning a new language, and allows students and teachers to get together for real time lessons in the best possible combinations, at the most convenient times, and – crucially – between any two points in the world.

Anyone who wants to learn a language can come to Myngle.com to find the right teacher and the right course, for the right price, at the right time. Students are able to find teachers online for any language, and a method that meets their individual needs. At this moment, Myngle offers about 900 different teacher/course combinations students can choose from, and to help students choose from the wide variety on offer, Myngle has developed the first in online education special search algorithm that matches the student’s needs with the right course.

Teachers (and even offline language schools) are be able to reach students anywhere in the world, and showcase their abilities and services to a much wider audience.

How do teachers and students communicate?

Myngle offers a toolkit for synchronous learning, which consists of VoIP (Skype) plus own integrated whiteboard, payment systems (Paypal), feedback and a community environment.

Myngle’s feedback system is made up of comments and ratings left by students who were taught by the relevant teacher. These comments and ratings are available in the public Feedback Profile of each member. Extra features will gradually be added to enrich the learning experience, such as podcasts, homework, 3D virtual reality classroom / role plays etc.

‘We conveniently eliminate the need for face-to-face interaction between students and teachers and, with it, the requirement for physical displacement’, says Marina Tognetti, founder and CEO of Myngle.com.

‘Not only does this offer significant cost and time savings, eliminate capacity constraints and extend students’ and teachers’ reach to virtually any point in the world, but it also allows for an efficient, rich and fun way of learning foreign languages’, says Tognetti.

Why now?

The time is ripe for the expansion of the language teaching market from offline to online for a number of different reasons: free of charge high quality VoIP (Skype), high international broadband penetration and whiteboard technology are now available at mass prices. Also, the increasing success of community websites like Facebook and MySpace (or Hyves in the Netherlands) has expanded communication and social interaction beyond the restricted circle of geographical reach. Last, but most important, the internet generation has now gained spending power and developed interest in language learning.

Students can find a wide range of native teachers as well as a wide variety of courses on Myngle, while they can schedule their classes according to their own needs. Teachers and language schools can increase their reach enormously on Myngle, able to target a global market otherwise inaccessible to them, with low acquisition costs and a complete infrastructure ready made for them. This will also enable the global trend of professionals trying to work independently, which is a trend that has been accelerating in the past 20 years.

‘Myngle can play an extra important role in some key languages with high or rapidly growing demand, but with a shortage of local supply of native teachers, like Mandarin, Russian, Arabic, Spanish in US and Brazil and English to Chinese learners. We expect approximately 15% of the offline language learning market in the western countries to move online in the next few years. This assumes a relative 50% broadband penetration, 30% VOIP propensity and 20% lower prices compared to offline live tutoring’ says Tognetti. For more market data about the online language learning industry please see our appendix.

‘We are at the beginning of a very special journey because we are creating something that does not exist yet’ says Tognetti. ‘Together with our community we will build Myngle according to their wishes, and no one knows what Myngle will look like in 5 years from now’.

About Myngle

Myngle is the global online language e-learning platform, connecting people and cultures from all over the world.

Myngle’s vision is unique, in the sense that it is intent on creating a content-rich marketplace, where all tools and services that are required for efficient live online language instruction can be found.

However, we will not stop there, as a vibrant community will interact via Blogs, which are already active, and other community-related activities, which will further enhance the learning of new languages – and new cultures.

Myngle’s team is an experienced team who combines expertise in internet and education, with two of the founders coming from eBay (global online auction platform), and two other founders coming from Berlitz (one of the world’s largest language institutions).

Myngle’s team has a broad international set up, consisting of people from The Netherlands, Italy, Hong Kong, Brazil, Ukraine, England, Indonesia, with added support from people scattered over 4 continents.

For additional information, screenshots, or photos please contact:

www.myngle.com

Egbert van Keulen
tel: ++31-617704408
Skype: egbertvankeulen
e-mail: egbert@myngle.com

Myngle
wibaustraat 129
1091GL
Amsterdam, The Netherlands

This release was published on openPR.