Center City-based edtech company Yellowdig just announced a six-figure raise from two New York City venture funds: QB1 Ventures and Rosecliff Ventures.
Although the exact figure wasn’t disclosed, founder Shaunak Roy told Technical.ly the investment was in the $500,000 range.
— Yellowdig (@Yellowdig) September 21, 2016
So what does this mean for Yellowdig? It seems like just a minute ago that the company raised another sizable amount of cash and added OG SaaS exec and investor Sashi Reddi to its board of directors.
According to Roy, the extra moolah comes at a time when the company’s business model is proving its worth.
“Yellowdig is rapidly signing long-term contracts with many top US universities and has a very healthy sales pipeline,” Roy said in a company press release. “This additional investment from QB1 and Rosecliff will be used to accelerate business development and to further build out our technology platform.”
The company is also putting the resources toward a New York City office, and has added Akiba Covitz to its senior management team, as Head of Business Development.
Covitz is a former Harvard Law School faculty with ties to edtech by way of edX, an online learning company, and Academic Partnerships, an online program management provider.
Here’s a video recently published by Northwestern University of Yellowdig at work.
[vimeo 181843071 w=640 h=360]