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National Venture Capital Association Joins NewSchools Venture Fund to Raise K-12 Education Infrastructure Fund
Financial and Human Capital Will Be Invested in Education Entrepreneurs
|By Marketwired .
|May 8, 2008 12:00 PM EDT
SANTA CLARA, CA -- (MARKET WIRE) -- 05/08/08 -- 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 Education
Infrastructure 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
"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
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 for
New 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.
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
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.
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NewSchools Venture Fund
Director of Strategic Affairs
National Venture Capital Association
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