ConnectEDU, Inc., a Boston, MA-based developer of online college and career planning tools and platforms, has secured $7m in equity financing.
The round was led by Allen & Co., with the company’s initial group of investors from the education, private equity and Internet industries participating. In 2009, the company raised $8.2m in its Series C funding from the same backers.
In conjunction with the financing, Margaret Spellings, former US Secretary of Education, as well as H. Jay Sarles, Operating Advisor to Nautic Partners, LLC, and former Vice Chairman of Bank of America, have joined ConnectEDU’s board of directors along
The company’s web-based services are designed to help students find and enroll in the right college, get a degree, and launch their careers.
ConnectEDU intends to use the proceeds from the financing accelerate the expansion of its regional service centers across the country and further growth of CoursEval, a data-driven evaluation and assessment system, and SuperAPP, an online college admissions form completion system. The company is working to launch additional SuperAPP capabilities designed to simplify the process of completing and filing FAFSA and other financial aid forms. They will br available in early 2011.