Maveron invests in new online university for African Americans |
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Mass High Tech
Maveron invests in new online university for African Americans
Maveron thinks there's big money to be made in education system. And today the Seattle venture capital firm founded by Starbucks Chairman Howard Schultz and former investment banker Dan Levitan announced yet another investment in the sector, pumping $1.25 million into a new online university called Latimer Education which is geared toward African Americans.
This marks the third deal in an online education startup in the past six months for Maveron, following investments in Bellevue-based language learning startup LiveMocha and San Francisco-based online university Altius Education. Maveron also was an early investor in Capella Education, which was founded in 2003 and went public in 2006. It now has a market value of $1.5 billion.
Latimer is based in Washington D.C. It is led by president Brian Jones -- the former General Counsel of the U.S. Department of Education and the current Chairman of the Washington D.C. Public Charter School Board -- and CEO Scott R. Royster -- the former Chief Financial Officer at Radio One.
“As the for-profit education sector continues growing, we believe institutions will begin focusing more attention on serving specific student segments,” said Jones in a statement. “Just as we saw the creation and growth of African American targeted businesses in the media industry, we plan to establish Latimer as the premier choice for African Americans seeking a culturally relevant, quality post-secondary online education.”
As a result of the deal, Amy Erett and Jason Stoffer will join Latimer's board.
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