Washington, D.C.-based New Markets Venture Partners launched a new $160M education technology-focused fund.
The fund, New Markets' fifth overall, is already oversubscribed. New Markets will invest in Series A and B-stage startups that are currently generating $2M to $5M in revenue and have the potential to scale to $50M to $200M in revenue within three years.
The edtech and workforce technology VC has backed nearly 41 startups to date over the last two decades, most prominently Credly, Learn Platform, Kickboard, and StraighterLine.
- It reportedly generated $3.3B in value for shareholders, with over $100M returned to limited partners in the last three years.
- New Markets' co-founder and general partner Mark Grovic said that the new fund NMEP III, which is double the size of its predecessor, will enable the firm to "write bigger checks, take bigger positions, and spend less time syndicating than we have in the past."
VC funding deployment in the edtech sector slumped 50% YoY in 2022.
