LTG Exam Receives Additional Strategic Investment for Seed Funding, Brings Total to $3.6 Million
New Capital Will Help Developer Drive Growth of Its New SAT Study App and Continue Expansion of Its Popular GMAT app, Both Free on iOS and Android
(firmenpresse) - BOSTON, MA -- (Marketwired) -- 07/30/15 -- Boston-based standardized test app developer today announced a new strategic investment that brings LTG''s total Seed funding to $3.6 million. Current investors include and Living Mountain Capital, founded by Margot Lebenberg Carter, formerly EVP, Secretary and General Counsel of Princeton Review Inc.; new investors include , the founder and chair of the Martin Trust Center for MIT Entrepreneurship at the MIT Sloan School of Management, and his son . LTG will use the funds to expand its engineering and product staff in Israel and Boston so that LTG can add new apps to its lineup, and drive growth of its free and apps, both available for free on iOS and Android.
This announcement comes in the wake of extensive growth for LTG. In Q2 2015, its flagship app, Prep4GMAT, saw a 15 percent increase in downloads, a 14 percent increase in daily active users, and 55 percent increase in monthly active users across iOS and Android. The app currently ranks as the number one GMAT test prep app in the Google Play Store, and the number one free test prep app in the iOS App Store. Its newly-launched sister app, Prep4SAT, which opened the startup to a new market -- 14-17 year-old students -- climbed to the top five SAT apps in the Google Play Store less than three months after launching. As of last year, LTG''s Prep4GMAT app has been adopted by nearly 50 percent of the total number of test takers worldwide.
"The standardized testing market is valued at nearly $20 billion, and yet no one has introduced anything radically different from what has been available to students for a long time," said Margot Lebenberg Carter. "LTG has figured out a way to adapt to students'' mobile lifestyles, while also providing a comprehensive, effective approach to studying. We are excited to be part of this funding round, and look forward to the impact LTG will have on the industry."
LTG''s free Prep4GMAT and Prep4SAT apps feature flashcard and practice quizzes that students expect out of a test prep program. However, unlike any other test prep, the approach also leverages the patented Label Study Method, a text-processing module that highlights words in practice questions to the concepts being tested, adapting problem sets to how each student learns. The apps also contain a built in network of tutors so students can ask questions in real time -- whether they are at the library or on the bus.
"We are thrilled to have investments from some of the brightest minds in education," said Elad Shoushan, founder and CEO of LTG Exam. "Most students can''t live without their mobile devices, but lugging around heavy, expensive textbooks is practically an ancient concept. LTG is the first company to leverage this fact, having developed a powerful tool that enhances study habits. Whether they have five minutes or an hour to study, LTG apps give students the flexibility to study whenever, wherever."
Download Prep4GMAT in the or for free, or, if you are preparing for the SAT, download the Prep4SAT for free in the and . More test versions are in development.
LTG Exam Prep Platform is transforming standardized test prep by making it accessible, adaptable and mobile. As a small company out of MIT, we were inspired to create our apps based on our own successes, failures and frustrations studying for standardized tests. We''re helping students fulfill their academic potential by engineering a smarter way to study. Follow us on , , and .
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Datum: 30.07.2015 - 07:30 Uhr
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