Imagine K12, a Palo Alto, Calif.-based incubator focused on education tech startups, announced today it will fund participating startups in its program with up to $100,000. The funding includes $80,000 in debt and $20,000 in equity. Support for the funding of the Imagine K12 Start Fund comes from various investors, including Y Combinator founder Paul Graham, Yahoo co-founder David Filo and LinkedIn CEO Jeff Weiner, among others. Imagine K12, founded in 2011, says it has helped launch 39 edtech startups in nearly two years and they have gone on to raise about $30 million in further rounds of funding.
IMAGINE K12 LAUNCHES FIRST EVER START FUND FOR EDUCATIONAL TECHNOLOGY STARTUPS
INITIAL FUNDING INCREASED TO $100K FOR STARTUPS ACCEPTED TO PROGRAM
In just 2 years, Imagine K12 Helps 39 Startups Intent on Revolutionizing K-12 Education Raise More than $30 Million and help millions of kids in hundreds of thousands of classrooms.
PALO ALTO, CA – April 23, 2013 – Imagine K12, the leading startup accelerator exclusively investing in educational technology that improves learning in kindergarten through high school, today announced changes that include increasing to $100,000 the funding each startup will receive upon acceptance to the Imagine K12 program.
This funding comes compliments of the Imagine K12 Start Fund, a new fund that is supported by tech luminaries including Y Combinator founder Paul Graham, Yahoo! co-founder David Filo, Angela Filo, LinkedIn CEO Jeff Weiner, NewSchools Venture Fund, and GSV Asset Management. Every company accepted to the Imagine K12 accelerator program will receive up to $20,000 from Imagine K12 and a convertible note for $80,000 from the Start Fund. This large increase of funding available to Imagine K12 companies is a testament to the early success of Imagine K12 graduates. These companies are providing innovative solutions to America’s schools, are gaining significant traction, and are raising significant funds from the venture community.
“Imagine K12 companies have invented products that are now used by over 10% of US teachers and thousands more worldwide,” said Tim Brady, an Imagine K12 founder. “With the Start Fund, many more Imagine K12 companies will be launched and have a transformative impact on kids everywhere.”
The additional funds granted to these startups will give program companies more time to build their products and work with parents, teachers, and schools in order to get the traction necessary to raise seed and venture investment.
“A lot of attention has been focused on investments in higher education, but so many real problems exist in K-12 education. Geoff and Tim have a proven track record of success with Imagine K12, and investing in their Start Fund allows us to support innovation in a sector that is ripe for disruption, ” said Michael Moe, CEO and Chief Investment Officer for GSV Asset Management. “
The Imagine K12 program changes will give startups the best chance to receive funding and long-term success. The program now offers rolling admissions. Companies accepted in the program will immediately receive up to $20,000 in funding and as well as mentorship. The official program, consisting of in-depth seminars, weekly dinners with tech and education luminaries, and weekly office hours with Imagine K12 founders, will begin in September in Palo Alto and run through December, culminating in an investor Demo Day in early January. The Start Fund financing will be available once the program begins in September. The application for the 2013 program is now open.
About Imagine K12
Launched in Palo Alto in early 2011, by Silicon Valley veterans Tim Brady, Alan Louie, and Geoff Ralston, Imagine K12 funded its first group of companies in Summer 2011. To date, Imagine K12 has funded 39 startups that have raised over $30 million in outside venture capital. Notable Imagine K12 graduates include ClassDojo, Hapara, Educreations, TapToLearn, Remind101, Bloomboard, NoRedInk, and LearnSprout.