Venture capital-backed education and technology company UniversityNow has raised a $19m Series C round from new and existing backers.
Media group Bertelsmann and private equity firm First Analysis Corp led the round, which was also backed by existing investors University Ventures, Novak Biddle Venture Partners, Kapor Capital and Bronze Investments.
UniversityNow’s accredited universities, Patten University and New Charter University, offer degree programmes for working adults, which the company said are the group “hardest hit by the student loan debt crisis.”
The company plans to new features to its learning platform and announce new partnerships with employers and civic organizations in the next few months.
First Analysis vice president Corey Greendale said, “UniversityNow is leading the way in ushering in the next generation of online degree programs. Given its technology and business model, it is uniquely poised to transform the higher education landscape.”
Bertelsmann was an anchor investor in the $100m University Ventures Fund I, which was launched last year.
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