Boston, MA (PRWEB) November 4, 2010
Abroad101, the leading study abroad review website, won $50,000 in the first annual MassChallenge Global Startup Competition. Additionally, Abroad101 recently completed its second fundraising round, totaling $500,000 raised from investors.
MassChallenge, the world’s largest startup competition, launched on April 14 and attracted 446 applications from 26 countries. Startups were judged on impact, scalability, competitive positioning, and execution. John Harthorne, CEO and founder of MassChallenge, commented that, “What impresses me the most about Abroad101 is how hard the team works and how dedicated they are to impacting the world through their business.”
Abroad101’s investors include Steve Kaufer and Nick Shanny, two co-founders of TripAdvisor. The founder of StudyAbroad.com, Mark Shay, also invested in Abroad101 and joined its advisory board in order to help the team capitalize on his experience building the most popular study abroad website.
“In 1995 StudyAbroad.com helped propel international education into the mainstream,” says Mark Shay. “Today, I see that same potential in Abroad101, using the power of program evaluations to help students find the best fit and to help program administrators improve the quality of their offerings.”
Abroad101 recently began generating revenue, and the company plans to expand its team beyond the four current employees. Adam Miller, CEO of Abroad101, says “More capital will allow us to grow the business faster and maximize its impact by building more software and expanding our reach.”
“Education is only getting more global and study abroad is a fragmented industry with lots of dollars behind it,” says Rob Go, founder of Micro VC NextView Ventures, formerly of Ebay and Spark Capital. “Abroad101 is well positioned to address this opportunity through their partnerships with hundreds of schools that send tens of thousands of students abroad each year.”
Abroad101 is a review website and online marketplace for the $40B International Education industry. Founded in 2007 by Tufts, Harvard, and MIT graduates, Abroad101’s mission is to promote global citizenship and intercultural understanding by fostering a safer, better-researched, and most-meaningful study abroad experience for as many students as possible. Abroad101 empowers universities with its free market-leading online evaluation tool and provides an advertising and student recruitment platform to global program providers.