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Print Edition StoriesMonday, July 13, 2009
ConnectEDU’s $8.2M Series C surpasses plans
By Mass High Tech staff
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ConnectEDU Inc., a Boston-based online college and career planning network, has won $8.2 million in a Series C funding that surpassed company expectations. The company had been projecting $5 million for its financing round.
The financing comes from existing backers, as well as strategic investors including Allen & Company.
Founded in 2002, ConnectEDU develops technology designed to provide students, educators and employers with solutions to navigate education and employment transitions. Its service is free for high schools and their students. ConnectEDU generates revenue by charging colleges and employers that use the tool.
The company has seen 600 percent growth in high school membership and 750 percent growth in college membership over the last two years.
In May, federal documents revealed that ConnectEDU had raised $7.4 million of a planned $10 million equity fund, in which 44 investors had participated.
Last July, ConnectEDU bought Prep HeadQuarters, a college planning web service operating as a division of Chicago-based myFootpath LLC, that is deployed in more than 700 high schools.
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