Education provider Synergis receives $33m in series A round.
Synergis Education, a learning provider associated with six universities, has raised $33m in a series A round led by venture firm University Ventures.
Joining in participation were media firm Bertelsmann and the University of Texas through its investment unit, University of Texas Investment Management. For University Ventures and Bertelsmann, the deal marks the second major investment in US-based alternate higher education providers announced this week, after investing $19m in distance learning provider UniversityNow.
Synergis, which was co-founded by managing directors of University Ventures, is working with universities to fund, establish, and grow higher education programmes for irregular students through a variety of delivery methods. Currently, it is partnered with Cornerstone University, Gwynedd-Mercy University, Urbana College, Cardinal Stritch University, Warner Pacific College, and Averett University.
The company plans to use proceeds from the financing to further develop its programmes with its current partners while seeking out new universities to work with in the future.
Also, as part of the deal, executive vice president at Bertelsmann Jorn Caumanns will join the Synergis’ board of directors.
Norm Allgood, chief executive of Synergis, said: “I co-founded Synergis in 2011 with University Ventures because we realized traditional colleges and universities were seeking a new partner with new technologies to help them expand their student base with onground, online and hybrid degree programs. With the completion of this financing, our investors recognize the significant value that has been created since our founding and we look forward to continuing to add partner universities and serve thousands of new students.”
