Chicago-based Everspring which develops online degree programs for universities raised a $10 million venture round from Carrick Capital Partners and Accretive reports Crain’s Chicago Business.
The round brings the total funding raised by Everspring to $16 million.
Founded in 2011 by Jeff Conlon, Everspring helps traditional universities to bring their offerings online. Similar to other providers in higher education, Everspring initially invests in the creation of the online degree program and then gets a share of the generated revenue.
The partner universities handle everything from content to accreditation and financials whereas Everspring provides the technological backbone, handling the application and management process as well as the creation of the digital coursework.
Everspring is focusing on the 200 largest public schools as potential customers and already partnered with the University of Kansas, Auburn University, Kent State University and the College of William & Mary. The new funding will be used to add new universities and programs.
Before founding Everspring, Conlon was CEO of Kaplan Higher Education from 2005 to 2011 and CEO of SCORE! Learning from 1997 to 2004. The senior management team of Everspring includes veterans from Kaplan, Capella Education and Education Now.
Conlon believes that when given the choice, students will prefer online courses from classic universities to those from for-profit universities.
“The value proposition of for-profits was convenience. Not-for-profits can come in with a better brand, the price can be lower, and provide a better experience.”
Conlon told Crain’s Chicago Business.
- Evanston online-education startup gets $10 million | Crain’s Chicago Business