ACT Invests $10.5 Million in New Markets Venture Partners’ Edtech Fund

TESTING NEW WATERS: ACT, the nonprofit behind the standardized college-readiness test, has invested $10.5 million in New Markets Venture Partners, an education venture fund based in Maryland. The money will go towards a fund that was first announced last November, and which now totals “close to $50 million raised and aim[s] to reach $75 million by year’s end,” writes Jason Palmer, a general partner, in an email to EdSurge. He shares that the fund has supported six investments so far: SignalVine, Motimatic, Credly, Practice, Noodle Partners and Pairin.

The 10-year fund “will invest in education companies with proven models of success across the early childhood, K-12 and postsecondary education landscape,” notes the press release. “The fund also intends to back emerging approaches to workforce development, hiring and training at a time when skills and equity gaps challenge employers.” Other contributors to the fund include the Lumina Foundation, Strada Education Network, ECMC Group and Prudential Financial.