Fulton, MD-based edtech venture capital firm New Markets Venture Partners held the final close of a new $68m fund focused on education technology and innovation.
NMEP II obtained support publicly traded education and insurance companies, ACT, Strada Education Network, Lumina Foundation, and a number of other foundations, strategic investors and family offices.
Led by Mark Grovic, Mark Grovic, Jason Palmer, Robb Doub and Elizabeth Chou, the fund will back companies and organizations working across the education-to-employment life cycle. It plans to invest $1-5m per deal into Series A, Series B and recapitalization rounds.
The new fund plans to concentrate its investments on companies innovating digital learning, learning science, data and analytics, and pathways to workforce to improve educational and career outcomes.
To date, NMEP II has already made seven investments, including:
– Motimatic, science-based retention platform;
– Noodle Partners, an online program enabler,
– Signal Vine, a text messaging platform,
– Credly, a credentialing leader, and
– Pairin, a skills analysis and matching platform.
New Markets portfolio also includes K-LearnPlatform, Kickboard, BetterLesson, Calvert Education, Presence Learning, Graduation Alliance, Civitas Learning, Regent Education, Fishtree and StraighterLine. Over the past six years, eight companies have had exits including Questar (acquired for $127.5M by ETS in 2017), Starfish Retention Solutions (acquired by Hobson’s), Moodlerooms (acquired by Blackboard), ThinkThrough Learning (acquired by Imagine Learning), and Practice (acquired by Instructure).