US-based educational technology developer Echo360 has raised $18m in a series C round that included CNF Investments, the corporate venturing arm of construction services provider Clark Enterprises.
Duchossois Capital Management, the investment firm owned by the Duchossois family, venture capital firm Swan & Legend, investment firm Revolution Growth and an unnamed family office also participated in the round.
Duchossois and the family office co-led the round and will each appoint a director to Echo360’s board.
Echo360 has secured a total of $91.1m in debt and equity to date. It will use the latest funding to support marketing of its product, Active Learning Platform, a learning and analytics software-as-a-service product aimed at higher education.
Fred Singer, chief executive of Echo360, said: “We were fortunate to find a syndicate of investors co-led by two leading private equity firms that are passionate about changing education to improve learning outcomes.
“With our next generation platform just launched, we now have the necessary funding to achieve our goal of having thousands of universities and tens of millions of students having the advantage of our technology.”