StraighterLine, a Baltimore-based online college education startup, expects to announce Friday that it raised $10 million from venture capital firms to market and grow its business.
The company's student enrollment this year was about 1,500 students, and it expects to enroll 4,500 students over the next year. StraighterLine employs 11 people and plans to grow to more than 20 employees over the next 12 months, said Burck Smith, the company's chief executive officer and founder.
The company offers online college courses for credit through a $99-a-month subscription model, an approach the company says is a response to the escalating cost of college education.
The company raised a $1.3 million round of investment in January 2010. In this latest round, the investors include FirstMark Capital, which led the investment; City Light Capital; and Chrysalis Ventures.