UniversityNow, a San Francisco, CA-based company that operates high-quality, affordable, private universities that leverage the latest advances in technology and pedagogy, has raised $17.3m in Series B funding.
The round was led by University Ventures and Bertelsmann, AG, with participation from existing investors Kapor Capital, Novak Biddle Venture Partners and Greylock Partners.
To date, UniversityNow has raised $21.5m.
The company intends to use the funding to expand the program offerings at New Charter University, the university it launched in March, grow its network of partner schools, expand its operations.
Led by Co-Founder and CEO Gene Wade, UniversityNow is building a network of accredited, affordable universities that leverage its innovative learning platform to reduce the cost for students. Its New Charter University leverages an online, competency-based education model designed to enable students to learn at their own pace, and advance based on their demonstrated mastery of course material. Tuition costs $796 per term (or $199 per month) for as many courses as students can complete, books included. Courses and technology platform are open to the public and can be accessed for free by prospective students without enrolling.
In conjunction with the funding, Daniel Pianko, partner at University Ventures, and David Meyer, VP of Product at UniversityNow, have joined the company’s Board of Directors.