Acadeum, an Austin, Texas-based developer of the Academic Sharing Platform™, raised $7m in Series A funding.
The round was led by the Lumina Foundation and along with Rethink Education, LearnStart and Socratic Ventures.
This investment will allow the company to grow and strengthen the communities of course-sharing institutions while expanding the use of best practices through the consortial model.
Founded in 2016 by Josh Pierce, CEO, Acadeum supports the formation of course-sharing consortia for institutions of higher education, including the Council of Independent Colleges, the Council for Christian Colleges & Universities, and Digitex. The consortial model allows faculty to review and select courses from other participating institutions that count toward graduation requirements, GPA, and financial aid. To date, the platform has powered more than 150 separate consortia, resulting in 5,000 students completing courses. Institutions have used the consortial model to advance a variety of solutions to improve retention and graduation rates, while collectively generating over $10 million in additional revenue. By facilitating consortia between and among institutions, Acadeum’s Academic Sharing Platform™, allows colleges and universities to exchange academic resources, student and enrollment data, and financial payments.