Macmillan Ventures Sets Aside $100 million to Acquire Startups
STAYING AFLOAT: Like most other text publishers, Macmillan is feeling the sting. Its future perhaps rests in the hands of Troy Williams, to whom the publisher has entrusted an edtech startup acquisition fund reportedly worth more than $100 million. The new fund, part of the New Ventures division of Macmillan (which has been hush-hush until now), has already acquired Prep U, i-Clicker, and EBI. Troy is prowling for five more purchases this year and up to 15 over the next five years. In doing so, Macmillan is essentially giving a green light for Williams to "build a business that will undermine our own," according to PandoDaily.