Aliso Viejo-based Retention Education Inc., a maker of English learning tools for Spanish speakers, has completed a Series B funding round, the company said Wednesday.
Investors included Chicago-based MK Capital, New York-based Ascend Venture Group LLC, Connecticut’s Ironwood Equity Fund and Chicago’s OCA Ventures.
Terms of the funding weren’t disclosed.
The company’s signature product, “Sed de Saber,” is a software program used to help Spanish speakers learn the English language. Sed de saber means “thirst for knowledge.”
Sed de Saber runs on the LeapPad system from Emeryville’s LeapFrog Enterprises Inc. It’s used by school districts such as the Santa Ana Unified School District, fast-food restaurants such as San Diego’s Jack in the Box Inc., construction companies and the hospitality industry.
Retention Education counted about $8 million in sales last year. The company employs about 50 workers in OC.
A growing Hispanic population and industry demands for English-speaking workers has fueled growth for the four-year old company, according to spokeswoman Michelle Miller.
“We have a niche market with the Hispanic adult workforce,” Miller said. “We want to develop our core equity around that business and see how that grows.”
Retention Education’s latest round of funding should help the company develop more products, Miller said.
The company could go public some time in the future, she said.
