UniversityNow, a US-based higher education venture that operates low cost universities and an online learning platform, has raised a $19m series C round led by existing investor, Germany-based media company Bertelsmann and growth equity investor First Analysis Corp, with participation from existing investors, including University Ventures, a student-managed venture capital fund which was established by Bertelsmann in 2012, and venture capital investors Novak Biddle Venture Partners, Kapor Capital, and Bronze Investments.
The series C funding, which brings UniversityNow’s total amount of venture capital raised to $42m, will be used to fuel expansion.
Dalia Das, vice president of Education at Bertelsmann, who joins UniversityNow ‘s board of directors, said: “We carefully screened the market and identified UniversityNow and its experienced team as the premier provider in the emerging category of online, competency-based education. We also support the Company’s mission of making quality education accessible and affordable to people everywhere.”
Corey Greendale, vice president at First Analysis, said: “UniversityNow is leading the way in ushering in the next generation of online degree programs. Given its technology and business model, it is uniquely poised to transform the higher education landscape.”
Gene Wade, founder and chief executive officer of UniversityNow, said: “We created UniversityNow in response to the increasing number of students being shut out of college due to the exorbitant cost of tuition and the inflexibility of the traditional delivery models. With our rapidly growing student enrollment, we are excited to be on the frontline of transforming what it means to earn a college degree online.”
UniversityNow was founded in 2010.