We’re excited to share that in addition to our small but mighty team committed to helping students and families price compare and get the best deal from their top choice colleges, we’ve raised venture capital funding from an incredible group of education and technology investors, including Bessemer Venture Partners’ 15 Angels fund and Rethink Education’s seed fund (a partnership with Southern New Hampshire University, where our co-founder Sabrina was previously AVP).
On why Rethink Education invested in Edmit, Michelle Dervan, Principal, said, "One of the greatest challenges facing college-bound students and their families is understanding what the real cost of attendance will be. This information is critical in enabling financial planning and setting the student up for success toward graduation. We are delighted to be an early supporter of the Edmit team as they work to bring a greater degree of price transparency to the higher education sector."
Paying for higher education is a confusing and stressful topic for families, and often college students and graduates feel they were not well-informed on cost when making their decision. Students and parents often tell us, “we don’t think we’ll get any aid, or we won’t get enough aid,” but the fact of the matter is almost every single student in America receives aid- and in many cases it’s 50% or more off published tuition price. Our goal at Edmit is to demystify college financial aid, scholarships, and tuition, and act as a buyer’s agent for college. You wouldn’t buy a house without using Zillow or Redfin, and now you have Edmit to help you get the best deal for college.
Bill Triant, an angel investor and Vice President for Strategic Partnerships and Investments at Pearson, said "I found the idea compelling: there is a lack of transparency around institutional financial aid awards in the college admissions process, and this causes distortions in college selection and attendance. Lower-income students are likely most affected, as they may overestimate the cost of college just by looking at sticker price."
With this early stage venture capital investment, we’re expanding our higher education technology service to cover every four-year college in the U.S. and are accelerating the release of our public beta later this year. In the meantime, we hope you will sign up for our private beta at http://www.edmit.me so we can help you maximize value in your college decision process.
Our other seed funding investors include education sector and technology executives, and entrepreneurs from across the country:
- Boston and New York: Neu VC, Bill Triant, Vice President at Pearson, Wan Li Zhu, Partner at Fairhaven Capital, Anthony Accardi, CTO of Rue La La, Shereen Shermak, Board of Visitors at Duke’s Pratt Engineering School, and Rob Biederman, Founder and Co-CEO of Catalant.
- Silicon Valley and Seattle: Tuscan Management, Tom McCleary, Senior Vice President at Salesforce, Daniel Jacobson, Vice President at Netflix, Claire Vo Lawless, Vice President at Optimizely, Dennis Yang, Founder of Dashbot, Peter Temes, Seattle Dean at Northeastern University, and Josh King, General Counsel at Avvo.
- Texas and Midwest: Tyler Willis, Founder of Customer Science, Eric Falcao, Founder and CTO of Spredfast, Jeff Shaddix, Partner at BCG, and Matt Lyons, Partner at Andrews Kurth.
Thank you for supporting our mission!
-Nick Ducoff, Co-founder and CEO