Intrepid Learning Solutions Raises $4.25 Million to Fuel Outsourced Training Expansion

February 18, 2004

Intrepid manages training for its enterprise clients, including global leaders such as The Boeing Company, delivering lower-cost, higher impact learning for employees and customers. Intrepid’s focused management, best practices, e-learning innovations and economies of scale significantly improve the quality and effectiveness of training while reducing costs.

The financing will allow Intrepid to dramatically accelerate its sales and product development efforts. Michael Song, a partner at Rustic Canyon, will join the Intrepid board of directors.

“We are proud to receive this vote of confidence in our company from such a strong roster of investors,” said Intrepid CEO Chris Hedrick. “We will use the investment to expand our ability to delight our customers.”

“Intrepid is the most promising company in the growing training outsourcing marketplace,” said Rustic Canyon partner Michael Song. “Intrepid is widely recognized for providing its clients with innovative solutions that provide high quality, cost efficient value. We’re excited to be backing such a strong business and team.”

“The corporate training market is primed for business process outsourcing and Intrepid’s laser focus on this market gives it a competitive advantage over the larger companies now building their outsourced training offerings,” said Trace Urdan, Principal and Senior Research Analyst covering the Knowledge Enterprises sector for ThinkEquity Partners. “This new infusion of capital should allow Intrepid to grow and compete even more effectively.”

About Rustic Canyon Partners
Rustic Canyon Partners (RCP) is a leading West Coast-based investment firm, investing primarily in venture capital stage and middle-market companies positioned for strong growth. The firm is based in Southern California and currently manages approximately $700 million in two investment funds, Rustic Canyon Ventures and Rustic Canyon Ventures SBIC, which is the investor in Intrepid. RCP focuses in private, growth stage companies that capitalize on opportunities created by technology change, market evolution, regulatory shifts, or other factors. With a unique footprint that covers Southern California, Silicon Valley and the Pacific Northwest, and an extraordinary team with diverse and complementary backgrounds, RCP provides the expertise and strategic insight that prudent investment decisions require, and the guidance necessary for sustained growth and superior returns. More information can be found on

About Madrona Venture Group
Madrona Venture Group LLC is an early-stage venture capital firm focused on the information technology economy in the Pacific Northwest. The firm targets investments in technology companies, with an emphasis on enterprise software and services, consumer software and services, and wireless, networking and infrastructure. Based in Seattle, Madrona has a $250 million fund that includes early-stage investments such as Intrepid Learning Solutions, Bocada, Classmates, Isilon Systems, Impinj, and ShareBuilder. For more information, visit

About Intrepid Learning Solutions
Intrepid Learning Solutions provides leading global corporations with integrated learning solutions enabling them to align their training with key business objectives, enhance learning quality and efficiency, and provide cost leadership. For more information on Intrepid, see:

For more information, contact:
Chris Hedric
(206) 381-3779 x1001