Pathbrite Announces $3.7 million in New Investments
Led by Cengage Learning, funds signal demand for Portfolio Learning Platforms
SAN FRANCISCO, June 2, 2014-- Pathbrite, the world's leading Portfolio Learning Platform, today announced investments totaling $3.7 million, led by Cengage Learning. This funding, which includes support from ACT and Serious Change, will pave the way for Pathbrite to continue developing its platform by creating customized solutions for postsecondary and corporate partners.
"The education sector is in the midst of transforming the way learning, teaching and assessment happens," said Heather Hiles, CEO of Pathbrite. "Pathbrite is uniquely positioned to support this work through a software platform flexible enough to partner with multiple content and distribution partners. By using the right technology, we can create ways for learners to show how their soft skills and practical experiences are aligned to what employers need. We want to give educators, postsecondary institutions, employers and life-long learners a reliable platform to show the full breadth of cognition, accomplishment and competency."
Pathbrite's expansion plans for 2014, supported by $3.7 million in new investments, are focused on four areas:
•Customer Integration and Success – By providing technical support, onboarding and customization, Pathbrite will ensure customers are able to optimize the platform and build on its capability. Real-time feedback and coordination will also create a built-in continuous improvement cycle linked to current and future customer needs.
•Sales Force Expansion – As the demand for Portfolio Learning Platforms continues to grow, Pathbrite will need to boost its sales force, including new staff focused on postsecondary learning institutions as well as growing a team to support the emerging corporate space. Specific areas of growth include marketing the product to support corporate staff development, recruitment and performance management.
•Continued Platform Development – Pathbrite is committed to providing the best-in-class Portfolio Learning Platforms which will include greater capability, data analytics and mobile technology.
•Global Expansion – Growing markets in Europe, Latin America, Asia and Africa present new opportunities for Portfolio Learning Platforms. In these rapidly changing markets, students and employers alike are eager to collaborate and access next-generation tools on a reliable yet agile platform like Pathbrite.
"In a remarkably short time, Pathbrite has become a major player in the edtech industry," said Rick Segal, chairman of the board at Pathbrite and Managing Partner, ReThink Education, which is a leading education technology venture capital fund. "The company has earned the trust of key constituents—educators, entrepreneurs, investors and most of all students. I am excited about the growth opportunities for Pathbrite in this dynamic, fast-growing space. Companies like Cengage Learning have customers with pent-up demand for e-portfolios. They can use this platform to deliver content, and they see value in investing in Pathbrite's future."
Pathbrite's investors for this round of funding include well-respected organizations in the corporate, venture capital and education sectors. Cengage Learning, a leading educational content, technology, and services company, is the lead investor in this round. ACT, a leading nonprofit in assessment for college and career-readiness has renewed its investment in Pathbrite by securing a licensing agreement. Serious Change, a for-profit impact investment fund, has also renewed its commitment through an additional investment.
Launched in 2012, Pathbrite is the world's leading Portfolio Learning Platform. Pathbrite currently supports more than 500 schools, colleges, universities, and organizations in the United States. Headquartered in San Francisco, with an increasingly global footprint, Pathbrite's portfolio platform is poised to revolutionize learning, teaching and assessment across the globe. Educators and students at institutions like Fresno State University, Laureate International Universities, Stanford University, and University of Illinois use Pathbrite to enhance learning outcomes, program completion rates and job placement rates of students. For more information, visit Pathbrite.com, like us on Facebook, follow us on Twitter, or visit our blog.
About Cengage Learning
Cengage Learning is a leading educational content, technology, and services company for the higher education and K-12, professional and library markets worldwide. The company provides superior content, personalized services and course-driven digital solutions that accelerate student engagement and transform the learning experience. Cengage Learning is headquartered in Boston, MA with operations in more than 20 countries around the world. For more, visit: www.cengage.com.
Debbie Veney, Communications Advisor
Venture Capital Database