Edtech startup Vemo Education announced the close of $7.4 million in seed financing, led by University Ventures and NextGen Venture Partners. Route 66 Ventures, Third Kind Venture Capital, Haystack Fund, and Task Force X Capital also participated in the offering. Vemo works with higher education institutions to develop and deploy income-based financing programs that align the cost of a student’s education with its value. The company’s goal is to provide thoughtful, consumer-friendly alternatives to high-cost and burdensome student loans, changing the way students pay for higher education. According to the company, Vemo Education facilitated $23 million of income share agreements, including Purdue University’s “Back a Boiler” program, during the 2016 to 2017 academic year. In its announcement, the company said the funding will allow Vemo Education to hire for growth, accelerate investment in its technology platform, and expand market development.
Edtech start - up Vemo Education has raised $ 7.4 m in a seed - funding round , with the funds earmarked for hiring new team members , increasing investment in its technology and extending market development . Vemo provides income - based financing programmes for higher education ; it claimed to have facilitated $ 100 m worth of funding in the 2016 - 17 academic year . University Ventures and Oxford Venture Partners led the investment round , which also saw participation from Haystack Fund , Route 66 Ventures , Third Wave Venture Capital and Task Force X Capital .