Venture Capital News: CollegeVine Inks $3.6M Series A Financing
CAMBRIDGE, MA, CollegeVine, an online guidance platform for high schoolers that provides mentorship, academic tutoring and college admissions guidance, has closed an additional $3.6 million Series A funding.
The round was led by Morningside Technology Ventures ("Morningside"), with participation by University Ventures and Silicon Valley Bank. An extension of the $3.1 million round closed by the fast rising EdTech startup in Q4 2016, the new funding will be used to expand CollegeVine's digital infrastructure to better serve its growing customer base.
Morningside is a private equity and venture capital firm co-founded by internationally known investor and philanthropist Dr. Gerald Chan, who joined CollegeVine's Board of Directors last year. University Ventures is a specialty venture capital fund that exclusively focuses on promising ideas in the higher education space. Silicon Valley Bank provides diversified financial services to emerging growth and mature companies across a number of industries.
"Like all successful startups, the services of CollegeVine fulfill an unmet need in the market," said Chan. "The revenue growth of the company has strongly validated its value proposition, and this financing will further the strong growth trajectory of the company."
"With our bookings coming in a bit faster than we had anticipated, and the need to accelerate related software development, we felt it was prudent to extend the round," said CollegeVine CEO Jon Carson. "We are very pleased with the momentum we've achieved, which is a testament to our unique approach."
CollegeVine was founded by young entrepreneurs Zack Perkins, Johan Zhang, and Vinay Bhaskara as an answer to a national crisis that has seen public school guidance departments overwhelmed, with the average high schooler receiving only 38 minutes of guidance over four years. "As the economy and job market become increasingly competitive, it becomes more and more important to make good use of the high school and college years," said Zhang.
CollegeVine's approach combines a state-of-the-art digital platform with highly trained college student mentors to provide high schoolers with an affordable guidance resource. "The model has proven especially effective because CollegeVine's network of over 300 near-peer mentors can relate to their mentees on a personal level and are already on the campuses of the nation's top universities with access to real-time info and tools," said Perkins.
Added Daniel Pianko, co-founder and managing director at University Ventures: "CollegeVine is filling a huge void with its virtual guidance platform for high schoolers. University Ventures is excited to be part of it."
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