Questar Assessment, an educational assessment provider for states, school districts and higher education institutions, has secured additional funding from existing stockholders and new
Questar Assessment, an educational assessment provider for states, school districts and higher education institutions, has secured additional funding from existing stockholders and new investors, including New Markets Venture Partners.
The private placement closed in two stages, in December 2008 and in March 2009. Questar raised a total of USD4.6m.
"The purpose of the private placement was to increase the Company’s working capital to position it for continued growth over the next several years and to prepare itself to meet contingencies that may arise as a result of the general tightening of credit markets in the current economy," says Roy Lipner, president and chief executive officer of Questar.
New Markets Venture Partners joined Camden Partners, a diversified investment management firm, as a co-lead investor with Questar. In addition, certain members of Questar senior management invested on the same terms as the outside investors.
Andrew L. Simon, Questar board of directors chairman, adds: "We look forward to our partnership with New Markets Venture Partners because of their successful track record and their unique understanding of our business."
"Questar is a nimble, pure-play assessment leader. Together, with our experience investing in and building high growth education companies, we see a tremendous opportunity to grow the business in today’s macroeconomic climate," says Frank Bonsal III, partner at New Markets Venture Partners.
New Markets Venture Partners is an early stage venture capital firm that invests in and actively assists innovative information technology, education, and healthcare companies.
