It was announced this morning that DC-based startup, Quad Learning, Inc., has raised a $10 million round in Series B funding to bridge the gap between community colleges and four-year institutions.
According to the report by Washington Business Journal, this recent round of funding comes from a mix of both new and current investors. SWaN & Legend Venture Partners, New Enterprise Associates and CNF Investments, are among the existing investors that contributed to this round. New investments came from MentorTech Ventures of Philadelphia and ECMC, a student loan guarantor.
College tuition rates have gone up, and that has led to even larger debt burdens for students in the pursuit of four-year college experiences. The Quad Learning American Honors program aims to help students make the transition from community colleges to four-year institutions, partnering with community colleges to build two-year honors curricula. The program takes on the familiar “2+2″ approach (something that many community colleges, including the nearby Northern Virginia Community College system) wherein students are encouraged to graduate from a community college with an Associate’s Degree, and then fulfill the next two years for their Bachelor’s at four-year institutions like George Washington University or the University of Virginia.
Quad Learning’s American Honors program is now in place at five community colleges. This additional funding will be used toward expanding that network to between eight and 10 institutions by the end of this year, as well as increasing the program’s overall student population.
This most recent round of funding brings Quad Learning’s total funding to $21 million. The DC-based startup first raised $11 million in venture capital prior to its launch last February.