UniversityNow is a technology company.
UniversityNow has raised $36.0M across 2 funding rounds.
UniversityNow has raised $36.0M in total across 2 funding rounds.
UniversityNow was an edtech company that developed an online learning platform for self-paced, competency-based degree programs aimed at working adults seeking affordable higher education.[1][2][3] It operated institutions like Patten University and New Charter University, offering degrees such as bachelor's, MBAs, and associates at flat annual tuition rates around $8,500, solving access barriers through low-cost enrollment (under $100 per student) and heavy faculty support without relying on federal financial aid.[1][3] The company raised over $40 million in venture funding but ceased independent operations after selling its platform to the nonprofit National University System in 2018 and a prior sale of its competency-based tech to Penn Foster in 2015.[1][2][5]
Founded in 2010 by education entrepreneur Eugene (Gene) Wade—whose prior company sold to Edison Schools for $38 million—UniversityNow emerged from Wade's vision, pitched in a 2011 TED talk, to deliver low-cost college via competency-based, independent learning with facilitators.[2][3] The company modeled its approach after Western Governors University, even hiring its former provost Salvatore Monaco as CEO of New Charter University, and quickly acquired Patten University in 2012 to expand into accredited, online distance education with about 900 students.[3][4] Early traction included enrolling over 1,000 students by 2013, partnerships with cities like Sacramento and Oakland for employer-subsidized tuition, and a $19 million funding round that fueled rapid growth.[3]
UniversityNow rode the early 2010s wave of edtech innovation in competency-based education (CBE), disrupting traditional higher ed by prioritizing outcomes over seat time amid rising demand for affordable online degrees for non-traditional adults.[1][2][3] Timing aligned with experiments like Western Governors University and venture interest in scalable platforms, enabling low-cost delivery during a period of online learning hype post-MOOCs.[3] Market forces favoring it included employer partnerships for tuition assistance and nonprofits seeking tech to cut costs (e.g., National's goal of $5,000/year tuition via FlexCourse).[1][2] It influenced the ecosystem by proving CBE viability without federal aid, paving the way for platforms now embedded in systems like National University (serving 35,000 students) and contributing to adaptive learning and predictive analytics trends.[1][2]
UniversityNow's legacy endures through its technology, now powering National University System's FlexCourse for self-paced degrees and potential system-wide adoption by 2020, alongside Penn Foster's high school applications.[1][2] With edtech maturing toward AI-driven personalization and workforce-aligned credentials, its modular, low-cost model prefigures trends in lifelong learning platforms. Expect its DNA to evolve influence via National's $20 million Precision Institute experiments in adaptive courseware, amplifying access for adult learners as hybrid education grows. This early disruptor set the stage for scalable, equity-focused higher ed tech.
UniversityNow has raised $36.0M in total across 2 funding rounds.
UniversityNow's investors include Bronze Investments, Founder Collective, Plug & Play Ventures, QueensBridge Venture Partners, Ulu Ventures, Anthony Saleh, Balaji Srinivasan, Greg Kidd, University Ventures.
UniversityNow has raised $36.0M across 2 funding rounds. Most recently, it raised $19.0M Series C in September 2013.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Sep 1, 2013 | $19.0M Series C | Bronze Investments, Founder Collective, Plug & Play Ventures, QueensBridge Venture Partners, Ulu Ventures, Anthony Saleh, Balaji Srinivasan, Greg Kidd | |
| Jun 1, 2012 | $17.0M Series B | Bronze Investments, Founder Collective, Plug & Play Ventures, QueensBridge Venture Partners, Ulu Ventures, University Ventures, Anthony Saleh, Balaji Srinivasan, Greg Kidd |