27 Apr, 2017, 06:00 ET
CAMBRIDGE, Mass., April 27, 2017 /PRNewswire/ -- CollegeVine, an online guidance platform for high schoolers that provides mentorship, academic tutoring and college admissions guidance, has closed an additional $3.6 million Series A funding round led by Morningside Technology Ventures ("Morningside"), with participation by University Ventures and Silicon Valley Bank. An extension of the $3.1 million round closed by the EdTech startup in Q4 2016, the new funding will be used to expand CollegeVine's digital infrastructure to better serve its growing customer base.
Morningside is a private equity and venture capital firm co-founded by internationally known investor/philanthropist Dr. Gerald Chan, who joined CollegeVine's Board of Directors last year. University Ventures is a specialty venture capital fund that focuses exclusively on promising ideas in higher education. Silicon Valley Bank provides diversified financial services to emerging growth and mature companies across numerous industries.
"Like all successful startups, the services of CollegeVine fulfill an unmet need in the market," said Chan. "The revenue growth of the company has strongly validated its value proposition, and this financing will further the strong growth trajectory of the company."
"With bookings coming in a bit faster than we had anticipated, and the need to accelerate related software development, we found it prudent to extend the round," said CollegeVine CEO Jon Carson. "We're pleased with the momentum we've achieved – a testament to our unique approach."
CollegeVine was founded by young entrepreneurs Zack Perkins, Johan Zhang, and Vinay Bhaskara as an answer to a national crisis that has seen public school guidance departments overwhelmed, with the average high schooler receiving only 38 minutes of guidance over four years. "As the economy and job market become increasingly competitive, it's more and more important to make good use of the high school and college years," said Zhang.
CollegeVine's approach combines a state-of-the-art digital platform with highly trained college student mentors to provide high schoolers with an affordable guidance resource. "The model has proven especially effective because CollegeVine's network of over 300 near-peer mentors can relate to their mentees on a personal level and are already on the campuses of the nation's top universities with access to real-time info and tools," said Perkins.
Added Daniel Pianko, co-founder and managing director at University Ventures: "CollegeVine is filling a huge void with its virtual guidance platform for high schoolers. University Ventures is excited to be part of it."
CollegeVine is a leading provider of one-on-one mentorship, academic and test prep tutoring, and college applications guidance. The company features an expansive network of near-peer advisors at the nation's top universities—their experience representing more than 20 different majors, substantial extracurricular activities and far-ranging success. For more information, visit www.collegevine.com.
About Morningside Technology Ventures
Morningside Technology Ventures was founded in 1986, by the Chan family of Hong Kong, to make private equity and venture capital investments. The group is managed by investment professionals who are entrepreneurial, have deep industry knowledge and are effective in the local environment in which they operate. In addition to its investment activities, Morningside Technology Ventures is strongly committed to social responsibility.
About University Ventures
University Ventures (UV) is a leading investment firm focused exclusively on the global higher education sector. The fund is led by principals with decades of collective experience as entrepreneurs, investors and leaders in higher education. With the greatest respect for the values, quality and traditions of academic institutions, UV is playing a formative and constructive role in the private sector's increasing involvement in the future of higher education. Our carefully selected investor base comprises a broad spectrum of stakeholders in higher education across the US, Europe and Asia.
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com.
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