Thursday, December 4, 2008

New Atlantic tests the waters in $500K first round for Koofers

By Galen Moore

New Atlantic Ventures has participated in a $500,000 tranche of a $2 million Series A round for Koofers Inc., according to online reports. Fellow investors include California-based Altos Ventures.

Based in Reston, Va., Koofers Inc. allows students to share old tests and quizzes as study aides. The site began with copies of old tests and quizzes compiled from files kept at fraternities and sororities at Virginia Polytechnic Institute. “Koofers” is Virginia Tech slang for such material.

The website Private Equity Hub cited regulatory filings in the report.

“We fully expect Koofers to replicate their early success at Virginia Tech nationwide, and advertisers are always eager to reach this demographic alongside high quality content,” said New Atlantic partner Scott Johnson in an e-mailed statement.

New Atlantic Ventures has offices in Cambridge at the Cambridge Innovation Center, and in Reston, Va. Its new media profile also includes Cambridge-based EveryScape, Reston-based mBeat, San Francisco-based Stitcher and Mountain View, Calif.-based TVU Networks.