Follett Corporation, US-based provider of education materials and services, has established a $50m education technology corporate venturing fund, the Follett Knowledge Fund, to target education technology investments.
Mary Lee Schneider, president and chief executive officer, Follett Corporation, said: “Follett has a long track record of investing in and introducing new technologies to the education marketplace, whether it be in K-12 classrooms, on college campuses or wherever learning takes place. The Knowledge Fund will enable us to identify and invest in early-stage technologies that will make educational materials more accessible and affordable to students and educators alike.”
The fund will be co-managed by venture capital firm Atrium Capital. Russell Pyne, managing partner of Atrium Capital, said: ”Follett is an extraordinary company with a great market position in the education space, and a clear vision for the future. The Knowledge Fund will serve as a launch pad for entrepreneurs seeking to transform the education landscape.”
Atrium’s current corporate relationships include Samsung and Honda Motor.