Update: The SEC filing came out today (June 25, 2009), which shows the total funding amount as higher, around $14.7 million. The discrepancy between the announced amount and this filing amount is explained as such: “*Includes (i) $3,638,112.68 of Series A Preferred issuable upon conversion of debt, (ii) $1,999,999.27 of Common shares issuable upon conversion of debt and (iii) $294,000.32 of Series A Preferred issuable upon exercise of a warrant.” The amoutn also includes a finder’s fee of $588K and a $250K bride loan repayment to the company’s founder.
Original post: 2tor, which helps universities set up online degree programs, has raised $10 million in a first round of funding led by Redpoint Ventures. Novak Biddle Venture Partners and City Light Capital also participated in the round. The company offers both technology platforms for online degree programs, as well as logistic services, such as student support and recruiting. It is led by John Katzman, who founded test prep company The Princeton Review.
2tor said that it would use the new funds to increase spending on student recruitment efforts and marketing. So far, 2tor has helped launch one program — an online master of arts in teaching program at the University of Southern California — although it hints in a release that a second is on the way.

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