January 19th, 2013
MasteryConnect is pleased to announce it has completed a Series A round of financing with an amazing group of investors. In an over-subscribed round of $4.125 million, Catamount Ventures led the round with a $2.125 million investment. Learn Capital, which invested in MasteryConnect in a seed round, participated again in the Series A financing, and the Michael and Susan Dell Foundation joined this latest round with a $1.5 million equity investment. We are also excited to welcome Deborah Quazzo of GSV Advisors to the team of investors joining this round. With this investment, both The Michael and Susan Dell Foundation and Catamount Ventures will be taking an active role in the company and serving on the board of directors. These investors join an already incredible group from our seed round which included NewSchools Venture Fund, ImagineK12, and an all-star group of silicon valley angel investors.
As a company in the education technology space, we feel that it is critical to bring together the right team internally as well as the right team of financial partners that can help us best serve the needs of students. With this round of financing, we have definitely accomplished this goal, bringing together both foundation support as well as fantastic group of venture capital firms that focus on mission-driven companies. As we first engaged these new partners in the finance process, we found a common alignment with them as we all believe that the best edtech ideas come from within the classroom - just as MasteryConnect began as an idea of a classroom teacher. We also found alignment in the idea that the ability to grow and scale the technology solution requires collaboration from the public and private sectors to impact not just thousands of students, but millions of students.
While the Dell family foundation has made many significant investments over the past six years in both non-profit and for-profit entities, this investment represents the first equity investment for the foundation in a U.S.based edtech company. This ‘first’ for the foundation is particularly exciting for MasteryConnect as it will not only make a significant impact for low-income students, but for students of all socio-economic categories.
So what does this mean for our incredible customers and users of MasteryConnect? It means we can continue to improve and build upon the great tools that started as an idea drawn up on a whiteboard by an experienced educator and two software developers. It means we can continue to work on new and exciting innovations that help students master critical concepts for college and career readiness, and it means we can continue to do what we love – serving students and educators!