Embanet, a company that provides online-education services to colleges, is receiving investment money from a venture capitalist and another education company. Under the agreement, announced Monday, Technology Crossover Ventures and an education company called Knowledge Universe Limited will share in ownership of Embanet, along with its original founders.
The specific terms of the agreement, including the amount of money exchanged and the division of ownership and control, were not disclosed. Technology Crossover Ventures has invested in other technology organizations that have found success, including Capella University, an online institution, and Orbitz, an online travel company. Embanet officials said they hoped the infusion of cash would help the company expand its services to more universities and graduate programs.
Knowledge Universe Limited is associated with Knowledge Universe Learning Group, the investment group — headed by Michael Milken and his brother Lowell — that recently invested up to $15-million over the next five to seven years in Sierra Nevada College, a Nevada liberal-arts college. It will remain an independent not-for-profit college, but Knowledge Universe gets to appoint three members of its nine-member board. —Dan Carnevale
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