Maveron backs education startup |
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Mass High Tech
Maveron backs education startup
Maveron -- the venture capital firm founded by Howard Schultz and Dan Levitan -- has shown a deep interest in online education with bets on companies such as LiveMocha and Capella University. Now, the Seattle firm is backing another player in the category, a San Francisco startup called Altius Education.
Maveron, along with Spark Capital and The Noah Fund, are pumping $8 million into the company. As a result of the deal, Amy Erett of Maveron is joining the board.
Founded in 2007, Altius designs post secondary online education degree programs. It is currently working with Tiffin University in Tiffin, Ohio to develop the Ivy Bridge College, which offers a two-year online degree that students can use to get accepted into a four-year university. As part of the program, students receive an academic coach and 24X7 tutoring -- attributes which it says drives higher student retention rates.
It also offers credit transfer agreements with 24 colleges and universities.
The company plans to use the new cash to launch specialized programs for health care and other industries.
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