Monday, January 12, 2009

SimpleTuition scores $6M in third funding round

By Galen Moore

SimpleTuition Inc., a Newton-based maker of an Internet financial aid tool, has secured $6 million in a Series C funding, according to an online report.

Series B investors Atlas Ventures, Flybridge Capital Partners and North Hill Ventures all returned to participate in the round, which brought SimpleTuition’s total investment to $17.9 million, reported the website PE Hub.

SimpleTuition was founded in 2005 by former First Marblehead executives Patrick Kandianis and Kevin Walker.

General Partner Jeffrey Bussgang has the SimpleTuition board seat for Flybridge. Partner Eric Hjerpe represents Atlas Venture.

Founded in 1980, Waltham-based Atlas Venture manages $2 billion in capital. Flybridge, formerly associated with IDG Ventures, changed its name in 2008 after the global network of VC funds declined to participate in its most recent $280 million fund. Boston-based Flybridge now manages $560 million in capital. Founded in 1999, Boston-based North Hill Ventures LP has $96 million in capital under management and specializes in early-stage financial technology and marketing technology companies.