SANTA CLARA, CA, May 08 (MARKET WIRE) --
The National Venture Capital Association (NVCA) and NewSchools Venture Fund
today
announced the creation of a multi-million dollar philanthropic venture fund
focused on improving education in the United States. The NVCA-NewSchools K-12
EducationInfrastructure Fund will invest in start-up organizations aiming to
build
high-performing public schools by developing innovative human capital solutions
and performance tools. The Fund was officially opened at the NVCA Annual
Meeting in Santa Clara before an audience of more than 700 venture
capitalists.
"The K-12 Education Infrastructure Fund offers a meaningful way in which the
venture capital community can engage in the critical process of improving
education in our country in a manner that is highly relevant to our
business," said Mark Heesen, president of the NVCA. "We are very enthusiastic
about partnering with NewSchools, an organization that has a proven track
record of identifying and investing in education entrepreneurs who can make a
real
difference. We believe the NVCA membership will bring their strong ideals and
commitment to success to this exciting project."
Members of the NVCA can now contribute to The Fund as individuals or on a
firm basis. NVCA members will not only have the opportunity to contribute
financial
resources to The Fund, but will also be in a position to mentor the young
companies in which The Fund invests.
For every company in which The Fund invests, NVCA/NewSchools will hold a
board seat and work actively with the management team to create a
scalable,high-quality, and sustainable enterprise that has a demonstrable
positive effect
on student outcomes in areas of great need. These investments might include,
but are not limited to, new recruitment training programs for teachers and
principals, assessments and data systems to guide instruction and inform
parents, and
open-source solutions for curriculum and assessment.
Over the last ten years, NewSchools has managed three funds, totaling $125
million to date, and has used these funds to help grow more than 40
high-performing organizations, including Teach for America, New Leaders
forNew Schools, Revolution Foods, and sixteen charter school management
organizations
that, at scale, will operate more than 300 schools and serve more than 100,000
children.
"Entrepreneurs backed by NewSchools are proving that all children can meet
high standards if given the right tools and the right environment," said Ted
Mitchell, CEO of NewSchools. "We are thrilled to partner with NVCA, which has
been a hub of entrepreneurship and entrepreneurial activity across the economic
spectrum."
The NVCA-NewSchools K-12 Education Infrastructure Fund effort advances
further the
goals of the NVCA MAGNET USA Program, an initiative to promote U.S.
competitiveness through improvements to education, immigration, research and
development, and the US capital markets. Announced in 2006, MAGNET USA remains
a cornerstone of the public policy and communications activities of the
Association.
About NVCA
The National Venture Capital Association (NVCA) represents approximately 480
venture
capital and private equity firms. NVCA's mission is to foster greater
understanding of the importance of venture capital to the U.S. economy, and
support entrepreneurial activity and innovation. According to a 2007 Global
Insight study, venture-backed companies accounted for 10.4 million jobs and
$2.3 trillion in revenue in the United States in 2006. The NVCA represents
the public policy interests of the venture capital community, strives to
maintain
high professional standards, provides reliable industry data, sponsors
professional development, and facilitates interaction among its members. For
more
information about the NVCA, please visit www.nvca.org.
About NewSchools Venture Fund
NewSchools Venture Fund is a national nonprofit venture philanthropy firm
that
has been working since 1998 to transform public education for underserved
children by supporting education entrepreneurs who create nonprofit and
for-profit organizations that have the power to catalyze system-wide change. Its
current investment strategy focuses on increasing the supply of high-quality
public
schools for underserved students, enabling traditional and charter school
systems
to become performance-driven in their practices, and enhancing the pipeline of
talented people into and across the public school system. Its investments are
designed to make a significant systemic impact in some of the nation's most
challenged urban communities, including New York City, Chicago, Washington,
D.C.,
New Orleans, Los Angeles, and Oakland, California. For more information, see
www.newschools.org.
Media Contacts:
Julie Petersen
Communications Director
NewSchools Venture Fund
jpetersen@newschools.org
415-615-6863
Emily Mendell
Director of Strategic Affairs
National Venture Capital Association
emendell@nvca.org
610-565-3904
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