Germany-based media company Bertelsmann and the university venturing fund it recently backed have joined venture firms Kapor Capital, Novak Biddle Venture Partners and Greylock Partners backing the on-line university network.
Germany-based media company Bertelsmann and University Ventures, the university venture fund it recently backed, have helped UniversityNow, an online university network, raise $17.3m on June 21.
UniversityNow is also backed by venture firms including Kapor Capital, Novak Biddle Venture Partners and Greylock Partners. The deal has taken the total raised by the company to $21.5m in its history.
Daniel Pianko, partner at University Ventures, and David Meyer, vice president of product at UniversityNow, have joined its board.
Launched earlier this year, UniversityNow is building a network of accredited, affordable universities, using an online teaching model.
Daniel Pianko, partner at University Ventures, said: "Higher education is the key to the economic success of nations and individuals. In the US, the system is beginning to undergo a radical transformation due to the competing pressures to reduce costs while satisfying the rapidly increasing demand for college degrees. Low-cost models, such as those offered by UniversityNow, will reshape the system by making higher education accessible and affordable for everyone."
