NEW YORK, March 1, 2013 /PRNewswire/ According to a report from CB Insights, over $1.1 billion was invested in EdTech start-up companies in 2012, one-third of which went to just ten companies illustrating an extreme lack of diversity and opportunity amid one of the fastest-growing industries in the US economy. Today, FurtherEd and Progress Partners have announced a partnership that will combine the resources needed to diversify and equal the playing field of the EdTech industry.
The announcement comes only one week after FurtherEd announced its EdTech Incubator, an initiative to bring the top EdTech talent into one facility in Downtown New York City. Progress Partners, a leading investment bank in the education space, will provide advisory services to EdTech companies with growth potential while FurtherEd will provide the space, rent, and business acumen to grow and nurture the organizations.
Recently, companies such as Kaplan Education and Pearson have announced EdTech incubation spaces of their own. FurtherEd and Progress Partners look to take these concepts further, noting that the strength of a support network combined with a place to work can have greater impact on early-stage companies a place to work alone may not be enough for many companies to realize their potential.
"Many superior ideas and products fall to the wayside from a lack of business resources. We're looking to change that in our partnership with Progress Partners," states FurtherEd CEO David Schnurman.
Progress Partners has made a commitment to the education space by launching its own education practice in 2011, replicating its success within its other sectors: Media, Marketing, Advertising; Energy; Sports; and Consumer. With this partnership, Progress Partners is well positioned to reach many more entrepreneurs, and in turn, help drive growth and success within the industry.
"We see tremendous opportunity for innovation in education technology and greatly support the efforts of David and his team at FurtherEd," said Mark Egan, Managing Director at Progress Partners.
As a first step to this partnership, Mark Egan, Managing Director of Progress Partners, and David Schnurman, CEO of FurtherEd will be attending SXSWedu in Austin next week to meet with budding entrepreneurs in the education space. "Some of the nation's top EdTech companies will be collaborating in Austin, and there is no better place to find the future leaders of the industry," states Schnurman.
FurtherEd delivers knowledge through its technology. Since 1999, it has created products to lead individuals toward personal growth, including continuing education and K-12. It is the nations' largest provider of online continuing education for lawyers, accountants, and real estate agents, delivering over 1,500,000 courses courses to date. FurtherEd has partnered with the nations' largest providers of content, including Universities, Bar Associations, and other top education institutions, to delivery the top courses to a mass audience. In addition, its K-12 product teachem launched in 2012 and has grown into one of the most effective e-learning study and teaching tools globally. Visit: www.furthered.com
About Progress Partners
Progress Partners is a Boston- and New York-based finance and M&A advisory firm that works with owners and management of emerging growth companies to identify, build and realize business value. Our deep industry expertise, high ethical standards, cultivated relationships, extensive network, and entrepreneurial experience give us the ability to achieve superior results for our clients. Visit: www.progresspartners.com