ACT will be the largest strategic investor in the new fund. Other investors include the Lumina Foundation, Strada Education Network, ECMC Group and Prudential Financial.
With ACT’s support, the 10-year fund will invest in education companies with proven models of success across the early childhood, K-12 and postsecondary education landscape. The fund also intends to back emerging approaches to workforce development, hiring and training at a time when skills and equity gaps challenge employers.
Led by Mark Grovic, general partner and founder, and recently named general partner Jason Palmer (former Bill and Melinda Gates Foundation Deputy Director), New Markets Venture Partners is an education-focused fund with a 14-year track record of identifying and scaling businesses committed to improving educational outcomes for millions of students across the K-12 and postsecondary spectrum.
Current investments include: Graduation Alliance, a dropout prevention and recovery firm helping students with diplomas, credentials and jobs; Presence Learning, a pioneer in the application of teletherapy in K-12 schools; Credly, digital credential platform; and Straighterline, which offers low cost college courses accepted by over 100 accredited partner colleges. Exits include Moodlerooms (acquired by Blackboard), Starfish (acquired by Hobsons) and Questar Assessment (acquired by ETS).