SEATTLE, WA – November 28, 2006 – Apex Learning, a leading provider of digital curriculum for secondary education, today announced that it has secured $6 million in equity financing. Chicago-based MK Capital, a leading software and new media venture capital firm, led the funding round and is making its first investment in Apex Learning and the K-12 market.
Schools nationwide are turning to online learning to better meet the needs of all students, from those who are not succeeding in traditional programs to those capable of accelerating their learning. “We are thrilled that MK Capital shares our vision and passion for increasing quality educational opportunities for all students,” said Cheryl Vedoe, CEO of Apex Learning. “The new funds will enable us to expand the solutions we offer for grades 6-12 and accelerate our penetration into new school districts nationwide.”
The company further announced two board appointments: Karen Buckner and Mark Koulogeorge, both of MK Capital. “The efficacy of Apex Learning’s digital curriculum and the flexibility to customize solutions to meet specific educational objectives position Apex Learning to capitalize on the favorable market trends with respect to adoption of educational technology,” noted Karen Buckner.
“Based on our extensive due diligence, we are convinced that Apex Learning will continue to contribute to statistically significant improvements in student performance,” added Mark Koulogeorge. “In addition, customers rated Apex Learning exceptionally high with respect to user support, a critical factor to sustaining success over the long term.”
Over the past four years Apex Learning expanded the breadth of its curriculum to encompass the core academic subjects required for high school graduation. The company has extensive experience in online education – from distance learning to the use of digital curriculum in classroom instruction and for credit recovery, remediation, and alternative schools programs.
About Apex Learning
Apex Learning® (www.apexlearning.com) is a leading publisher of online instructional materials for secondary education. The company’s standards-based digital curriculum in the core subjects – math, science, English, social studies, and world languages – and in Advanced Placement is offered for distance learning, classroom instruction, and test preparation. Since the company’s inception, it has had more than one million student enrollments and served more than 4,000 school districts nationwide. Apex Learning is headquartered in Seattle, WA and is accredited by the Northwest Association of Accredited Schools.
About MK Capital
MK Capital (www.mkcapital.com) is a $150 million venture capital fund that invests in software, digital media and outsourced services. The Managing Members of MK Capital have managed six venture funds and over $500 million of capital in the past twelve years. Each of the Fund’s principals has substantial operating experience and a proven track record of helping small business grow successfully. The General Partner group has demonstrated its exceptional commitment to the Fund’s success by being the largest investor in MK Capital. To date, the Fund has made sixteen investments.