Synergis Education Secures $33 Million in Financing
PHOENIX, September 25, 2013-- Synergis Education today announced the successful completion of a $33 million Series A financing. The largest investor is University Ventures Fund I, L.P. and affiliated entities, along with its limited partners including Bertelsmann SE & Co. KGaA and University of Texas Investment Management Co (“UTIMCO”).
“We’re delighted that our investors continue to support Synergis Education on our exciting growth path,” said Synergis CEO and co-founder Norm Allgood. “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 on ground, 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.”
Synergis Education is working with six universities to fund, establish and grow higher education programs for non-traditional adult learners: Cornerstone University, Gwynedd-Mercy University, Urbana College, Cardinal Stritch University, Warner Pacific College, and Averett University. Synergis plans to use the proceeds from the financing to add and grow programs at these partner universities, as well as to add new partners in other areas of the U.S.
“Our focus on an open, trust-based relationship built on the highest quality service has drawn substantial interest from university partners. Synergis is the single fastest growing School as a Service provider. Driving this growth is University Ventures’ ‘innovation from within higher education’ approach, which means appreciating the respective roles of service providers and our institutional partners,” said David Figuli, Managing Director of University Ventures.
With the investment, Jörn Caumanns, Executive Vice President at Bertelsmann, joins the Synergis Board of Directors, alongside Managing Directors of University Ventures, the premier investment fund focused exclusively on the global higher education sector, which co-founded the company. UTIMCO will have observer status on the Synergis Board. Robert Dickeson, co-founder of the Lumina Foundation, and Dr. Michael Zastrocky, Managing Vice President, Education Research Leader and Research Director for Academic Strategies at Gartner and an executive at Educause, are also members of the Board.
ABOUT SYNERGIS EDUCATION
Synergis is a premium, full-service provider of educational services designed for college and university leaders who are not satisfied with the status quo. We assist our partner institutions in gaining regional prominence, enrollment growth, and overall sustainability through continual improvement and best practices. Synergis is unique among education services providers in that it is positioned to work with the entire adult higher education market, remaining agnostic as to the delivery method (online, face-to-face, blended, etc.). http://www.synergiseducation.com
ABOUT UNIVERSITY VENTURES
University Ventures (UV) is the premier investment firm focused exclusively on the global higher education sector. UV pursues a differentiated strategy of ‘innovation from within’. By partnering with top-tier universities and colleges, and then strategically directing private capital to develop programs of exceptional quality that address major economic and social needs, UV expects to set new standards for student outcomes and advance the development of the next generation of colleges and universities on a global scale. www.universityventuresfund.com
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Rachel Magana, 480-426-7652
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