Stuckonhomework is Sir Terry’s first venture since stepping down from Tesco earlier this month. It is not known how much he has invested.
The online learning tool is aimed at GCSE students in England, Wales and Northern Ireland and includes more than 200 short video lessons spanning the entire curriculum hosted by a teacher.
The site claims to be the first online educational resource designed to help students and their parents with homework and provides an affordable online alternative to tutoring.
It also includes a social networking tool so that students can help each other.
The site launches this week with maths tuition and will add subjects including physics, chemistry and biology in late 2011 and 2012.
Stuckonhomework will be funded by a subscription model costing £73 a year of £1.40 a week.
Sir Terry Leahy added: “Improving our education is a top priority and Stuck on homework is a really practical response which could provide a breakthrough for students studying for GCSE. I like that Stuck on homework is a tutor support that every family can afford unlike traditional tutoring which is out of reach for many families.”
Stuckonhomework was created by former BBC and ITV senior executives Helen Royle and Teresa Watts and is endorsed by headteachers.