ConnectEdu Closes $7M Round

11/15/10

Boston-based ConnectEdu, a provider of Web-based platforms for college admissions and career planning, announced today that it has closed a $7 million funding round, led by existing backer Allen & Co., and a return group of individual investors in the education, private equity, and Internet spaces. We first reported on this financing last week, when an SEC filing revealed that the firm had brought in $4.9 million of the funding round, from 47 unnamed investors. With the newest funding, ConnectEdu’s board will bring on former U.S. Secretary of Education Margaret Spellings and H. Jay Sarles, former vice chairman of Bank of America and current operating advisor at Providence, RI-based Nautic Partners. ConnectEdu will use the newest funding to invest in statewide initiatives for its technology, expanding its regional service centers, and in growing its online assessment and evaluation system and its Web-based college admissions form completion system.

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