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17 November 2017

Edmits studies $855,000 pre-seed round

SNHU has backed edtech developer Edmit through the Rethink Education fund, a vehicle also backed by Rethink Education.

Author: Callum Cyrus, reporter

US-based edtech startup Edmit raised $855,000 in a pre-seed round yesterday from backers including Rethink Education Seed Fund, a vehicle part-funded by Southern New Hampshire University (SNHU).

The round featured venture fund 15 Angels as well as investment firms Neu Venture Capital and Tuscan Management, as well as assorted individual investors.

Edmit's student financing platform uses public data to forecast the costs and benefits of accepting a given offer for an undergraduate course. The software encourages the student to push the institution for better income support.

The pre-seed capital will allow Edmit to cover all four-year US colleges as it prepares for a public beta later in 2017. Edmit hopes to monetise the platform through a charge on the enrolment deposit billed to students on attending university. 

SNHU committed $10m to the $15m Rethink Education Seed Fund in April 2017, with the remainder sourced from Rethink Education, the edtech subsidiary of VC firm Rethink. The edtech-focused vehicle provides equity of $250,000 to $750,000 to fund tasks such as market research and R&D.

Michelle Dervan, principal of Rethink Education, said: "One of the greatest challenges facing college-bound students and their families in understanding what the real cost of attendance will be.

"This information is critical in enabling financial planning and setting the student up for success toward graduation." 

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