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A program design session using the the Design Thinking method by Everspring
Evanston-based ed-tech startup Everspring has added $10 million to their current funding total of $36 million.
This infusion comes largely from new investor Park Loop, a subsidiary of Robert Bass' investment fund Keystone Group. Additional funding comes from current investors Carrick Capital Partners and New York private-equity fund Accretive.
“Chicago has become a very exciting ed-tech place,” Everspring CEO Jeff Conlon said. “The education space is ripe for disruption. What we’re seeing is the ability to work with these high quality brands like University of Kansas and help them reinvent themselves as they move online.”
Everspring was founded in 2011 and helps top tier universities design, build and move masters degrees online. The business funds all capital initially and brings tech to areas like alumni support, enrollment, and course development among others. Everspring and the university share in generated revenue, which currently includes University of Kansas, Kent State University, Auburn University and the College of William and Mary.
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“We’ve been fortunate enough that our partners are interested in adding more programs, so we’re using [the funding] to fund the growth with existing clients we have and then look to bring a few more on.” Conlon said.
He added this will be a combination of marketing and technology spend.
The company currently employs almost 50 people, a result of incredibly rapid growth from only 10 people in May of 2013. They plan to add several positions in both development and marketing in 2015 as higher education continues to expand digitally.
“Higher ed is not going to look like it does now, five years from now.”
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