VEMO EDUCATION, which works with colleges and bootcamps to set up income share agreements, has closed on a seed round of $7.4 million led by University Ventures and NextGen Venture Partners, with Route 66 Ventures, Third Kind Venture Capital, Haystack Partners, and Task Force X Capital also contributing. The Virginia-based company says it plans to use the funds to hire new employees and further develop its platform.
Vemo claims that it facilitated $23 million in income share agreements—a financing option where students pay back tuition costs after they have secured a job—during the 2016-2017 academic year, including with Purdue University’s “Back a Boiler” program.
