Amsterdam-based Myngle, which operates a platform for online language education, has just secured nearly €1 million euros ($1.25 million) in the form of a bank loan from Rabobank. The loan is backed by the Dutch government through an innovation program. Myngle had earlier secured €800,000 seed investment from the HenQ fund and private individuals.
Myngle, founded by ex-eBay employees, is essentially a “marketplace for languages” where teachers and students can virtually connect and determine if there’s a match for an online course to start between the parties (from both sides). The e-learning platform advocates the use of Skype for video-conference tutoring and accepts online payment transactions via PayPal, so most of the operation is automated and doesn’t involve Myngle staff.
Here’s how they pitch the service on their site:
Myngle is free for students and teachers to sign up and provides an online environment for live individual and group lessons for basically any language and level from any type of teacher. You can choose your own teacher or student depending on your specific needs, availability and price! If you are a student, you can try out a demo lesson with your selected teacher before you have to pay anything.
Myngle claims to have attracted almost 50.000 members in 125 countries since its inception in 2007, and boasts providing language courses in 52 languages. VoxSwap, LiveMocha, Busuu and Babbel offer a similar proposition.
Coincidentally, the startup is one of the 20 finalists that will be pitching at the Plugg conference in Brussels next week (which I organize), so we’ll be able to share more about their future plans then.
Below is a screenshot and a cheesy introduction video about Myngle.
Unfortunately, we were unable to confirm if all the female teachers are as hot as Milagros.