ACT Invests $10.5 Million in New Markets Venture Partners’ Edtech Fund


ACT Invests $10.5 Million in New Markets Venture Partners’ Edtech Fund

Aug 1, 2017

TESTING NEW WATERS: ACT, the nonprofit behind the standardized college-readiness test, has invested $10.5 million in New Markets Venture Partners, an education venture fund based in Maryland. The money will go towards a fund that was first announced last November, and which now totals “close to $50 million raised and aim[s] to reach $75 million by year’s end,” writes Jason Palmer, a general partner, in an email to EdSurge. He shares that the fund has supported six investments so far: SignalVine, Motimatic, Credly, Practice, Noodle Partners and Pairin.

The 10-year fund “will invest in education companies with proven models of success across the early childhood, K-12 and postsecondary education landscape,” notes the press release. “The fund also intends to back emerging approaches to workforce development, hiring and training at a time when skills and equity gaps challenge employers.” Other contributors to the fund include the Lumina Foundation, Strada Education Network, ECMC Group and Prudential Financial.

Learn more about EdSurge operations, ethics and policies here. Learn more about EdSurge supporters here.

More from EdSurge

Get our email newsletterSign me up
Keep up to date with our email newsletterSign me up