Follett Corporation, a major distributor of educational content and materials for both K-12 and higher education markets, announced a $50 million Follet Knowledge Fund, to be used for edtech investments that "complements and extends the company's extensive portfolio of digital solutions and tools," according to the press release.
"We're looking to get involved in early-stage, Series A rounds for companies involved broadly in the edtech space," shared Mary Lee Schneider, Follett's President & CEO, in an interview. "We haven't put any boundaries on specific investments because we're still looking at where the disruption opportunities are." She mentioned mobile technologies and Common Core-aligned materials as among the areas where the Knowledge Fund may make its first deals.
The fund will be co-managed with Menlo Park, CA-based Atrium Capital. The first two months of the partnership will be what Schneider calls a "knowledge transfer process" where both sides learn more about each others' work and business. "In the coming weeks, we'll immerse Atrium into our work and vision...and they'll take that information, provide market analysis, and develop a strategic roadmap" for the Knowledge Fund. Equity terms will be worked out on a case-by-case basis.
Expect deals to start happening in August and September, Schneider says.
