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EverFi is an educational technology company that provides digital educational programming on basic financial services to help people move from lower-income brackets.
Other early investors in the company included Amazon founder Jeff Bezos and former Google CEO Eric Schmidt.
Now, EverFi has been bought by Blackbaud, a software company that focuses on impact-oriented software, for $750 million, the Wall Street Journal reports.
Blackbaud is based in South Carolina, and EverFi is based in Washington, DC.
John Rogers, co-managing partner of the Rise Funds, which backs education and educational technology companies, tells Penta that traditional private-equity firms often conflate growth with quality, so the Rise Funds focus on companies that drive learning outcomes or improve student progression.
"As funds with a mandate to realize positive results for society, 'we're not allowed to invest in a company unless we can see the evidence of that impact,'" Rogers says.
"This approach leads the Rise Funds to companies that drive learning outcomes, or improve student progression, in a way that ensures 'that these are going to be the solutions that will endure.'"
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3 Social Enterprises Earn Honors at Social Enterprise Award
Three social enterprises were recognized at the 2013 President’s Challenge Social Enterprise Award for their major contributions to society. SATA CommHealth and Bliss Restaurant landed Social Enterprise of the Year titles, while Bettr Barista Coffee Academy bagged the award for Social Enterprise Start-up of the Year.