Venture Capital News: CollegeVine Nabs $3.1M
CAMBRIDGE, MA, CollegeVine, the fast-growing EdTech startup specializing in high school mentoring for college applications, has closed a $3.1 million Series A funding round.
The round was led by Morningside Technology Ventures ('Morningside') with participation by New York-based University Ventures.
Morningside is a private equity and venture capital firm. Gerald Chan, its co-founder, has joined CollegeVine's Board of Directors. University Ventures is a specialty venture capital fund that exclusively focuses on promising ideas in the higher education space.
The announcement was made today by Jon Carson, the CEO of CollegeVine.
CollegeVine was started by two Harvard University students and one University of Chicago student working out of the Harvard iLab. The company uses a near peer model of matching talented college students with high schoolers to help them with the college application process. CollegeVine's services quickly earned a reputation for its outstanding college admissions results. Two years ago, the company employed 20 college students as consultants; today it employs almost 300.
'There is a huge unmet need for high school students to get proper guidance and mentoring in their planning for college and their application for admission. The fast growth of CollegeVine's business validates that its services are exactly what high school students are looking for. Optimizing the college application process is beneficial both to the applicants and to the universities,' said Chan.
'With the backing of Morningside and support from University Ventures, we are now positioned to grow the company to meet consumer demand. We plan to use the Series A investment to build out our technology platform and product suite, grow the team, and accelerate our growth,' said Carson. 'We are pleased to have Gerald join our Board as he has been a valued partner and mentor over several ventures. I am honored, to be working with him on another new and exciting EdTech venture.'
Morningside was the primary backer of FamilyEducation Network where Carson was both the founder and CEO. FamilyEducation Network became the largest K-12 online network when it was acquired by Pearson Plc for $175 million in 2000.
CollegeVine has recently strengthened its management team with the addition of former Zipcar executive Doug Williams as chief technical advisor and Harvard Business School professor Deepak Malhotra as a member of the board of directors.
CollegeVine, founded as Admissions Hero in 2013, is a leading provider of one-on-one mentorship, college applications guidance, college essay assistance, tutoring, and test prep. The company features an expansive network of near-peer advisors at the nation's top universities -- their experience representing more than 20 different majors, substantial extracurricular activities and far-ranging success. For more information, visit www.collegevine.com.
About Morningside Technology Ventures
Morningside Technology Ventures was founded in 1986, by the Chan family of Hong Kong, to make private equity and venture capital investments. The group is managed by investment professionals who are entrepreneurial, have deep industry knowledge and are effective in the local environment in which they operate. In addition to its investment activities, Morningside Technology Ventures is strongly committed to social responsibility.
About University Ventures
University Ventures (UV) is a leading investment firm focused exclusively on the global higher education sector. The fund is led by principals with decades of collective experience as entrepreneurs, investors and leaders in higher education. With the greatest respect for the values, quality and traditions of academic institutions, UV is playing a formative and constructive role in the private sector's increasing involvement in the future of higher education. Our carefully selected investor base comprises a broad spectrum of stakeholders in higher education across the US, Europe and Asia.
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