PE Tech Report

NEWSLETTER

Like this article?

Sign up to our free newsletter

MPOWER Financing secures add-on investment from 1776 Ventures

1776 Ventures has doubled-down its investment in MPOWER Financing with an additional USD500,000 investment ahead of the company’s planned Series B financing round this summer. 

 
1776 Ventures is an investment fund focused on seed-stage investments seeking to transform complex industries. 
 
In addition to being seed and Series A round investors, their partners have also served as a mentor and close adviser to MPOWER Financing.
 
MPOWER Financing is a public benefit corporation whose mission is to remove the financial barriers to higher education in the US by providing the financial resources necessary for students to attend schools and complete their undergraduate or graduate studies. Founded in 2014, MPOWER Financing works with 223 universities across the nation, funding low-income domestic students, DACA students and international students who are excluded by the current student loan system.
 
Both MPOWER Financing and 1776 Ventures are part of the expanding Washington, DC tech innovation hub that has evolved in the last decade to spawn a whole new crop of emerging companies geared toward solving complex problems in regulated fields like edtech and fintech.
 
“We are pleased to continue to support MPOWER Financing’s rapid growth as it becomes the lender of choice for thousands of international and domestic students around the country whose financial needs are not met by traditional lenders,” says Evan Burfield, managing partner of 1776 Ventures. “We have shared global roots that are serving to form a base for new international investments and partnerships for both our organisations.”
 
Manu Smadja, CEO and co-founder of MPOWER Financing, says: “1776 Ventures and the 1776 DC incubator have been supporters of MPOWER from day one. Early on, they provided us with access to resources and a forum to engage with media, legal, accounting, and business support. In 2015, we became a portfolio company and, on top of continuing to provide great mentoring and coaching, they’ve invested in every equity round since. We’ve become true partners with a shared vision on the role innovative models play in better supporting today’s students for tomorrow’s economy.”

Like this article? Sign up to our free newsletter

MOST POPULAR

FURTHER READING

Featured