San Diego-based TakeLessons, the largest online marketplace for music lessons, has completed a $4 million round of venture capital financing, bringing the total investment into the company to more than $12 million. Triangle Peak Partners of Palo Alto led the round with participation from Siemer Ventures and existing investors Crosslink Capital and SoftTech VC.
"This new investment will aid our continued growth and leadership in the music space and will fuel our platform expansion into new marketplaces, including tutoring and the other performing arts," Steven Cox, TakeLessons' founder and CEO, said.
TakeLessons has paid out more than $10 million to music teachers who are serving students in more than 3,000 cities. The growth has recently been driven by TakeLessons' Online Lesson platform, which enables more flexible scheduling and eliminates geographic constraints.
In addition to music education expansion, TakeLessons announced the launch of its new tutoring marketplace in San Diego this month and will serve Austin, Las Vegas, Sacramento and Denver by the end of the first quarter.
The funds from this round will be invested in product development to deliver an improved lesson experience for teachers and students and to pave the way for horizontal expansion into new markets. Karen Baumbach, vice president of finance and Alan Cole, chief revenue officer, recently joined TakeLessons to support the company's growth targets.
"We're committed to helping teachers make a living doing what they love to do," Cole said. "This funding will support investment in our tools that allow private instructors to acquire and retain the best students."