The round of funding will enable further development of the marketplace launching later this month, empowering greater market and product awareness for all K-12 educators.
ROANOKE, Va., Nov.16, 2022 /PRNewswire-PRWeb/ -- Veracity Verification Solutions, a third-party evaluator of EdTech software solutions, has closed a seed funding round from several regional venture capital firms and angel investors. This round of financing will enable further development of the company's growing library of on-demand assessments. This will ultimately empower greater market and product awareness for all K-12 educators and support informed EdTech purchasing and renewal decisions for administrators.
The funding round was led by Middleland Capital's VTC Ventures and also included participation from the Virginia Innovation Partnership Corporation's Virginia Venture Partners. "Veracity's unique and scalable platform will help schools and districts save money and time while improving educational outcomes for students across demographic and socioeconomic profiles." said James Ramey, Managing Director and Fund Manager, VTC Ventures. "This is an incredibly strong team with deep experience across EdTech. VTC Ventures is excited to partner with Veracity."
The investment marks the company's most significant milestone since the launch of its beta library in early spring. The marketplace has welcomed more than 1,000 members in K-12 education seeking a better understanding of products in the EdTech market. The company has also engaged EdTech providers pursuing product excellence and transparency with current and potential customers in K-12 schools and districts.
"The future of EdTech is here," said Veracity CEO Jonathan Hagmaier. "This investment in Veracity, in addition to our founding partners, demonstrates confidence in our vision to empower educators and EdTech vendors alike with data and insights to make better decisions in the build and implementation of technology in our school systems to support greater adoption and student outcomes."
A 2019 study conducted by GlimpseK12 found on average 67% of software licenses were going unused in K-12 schools. Veracity's strategy to deliver unbiased feedback (at no cost to educators) will build trust and confidence in EdTech providers and their products and give every educator a voice in technology decisions – increasing internal communication, adoption, and efficacy.
"There is a huge opportunity with Veracity to enable informed and fiscally responsible purchasing decisions in K-12 schools globally, while simultaneously moving EdTech forward. The sky is the limit." Jennifer O'Daniel, Senior Investment Director, Virginia Venture Partners.
Veracity's official marketplace launch is scheduled for later this month, with nationwide member expansion to follow. Educators can request early access here.
About Veracity Verification Solutions
Veracity's mission is to build product quality and integrity in the EdTech market with a reliable and transparent merit-based verification process. Veracity works with K-12 schools and districts nationwide to streamline the EdTech purchasing process and connect them with technology solutions that best serve the needs of their educators and students. Learn more at http://www.veracityvs.com.
About VTC Ventures
Managed by Middleland Capital, a leader in the global agriculture technology sector, VTC Ventures is a private investment fund focused on early-stage life science and technology opportunities across the Commonwealth of Virginia and opportunities outside Virginia with a connection to Virginia Tech or Carilion Clinic. The Fund invests through two investment vehicles: the VTC Innovation Fund (Series A / B) and the VTC Seed Fund (seed stage). VTC Ventures aims to partner with exceptional management teams to commercialize innovative technologies, accelerate growth, and build long-term value. For more information, please visit http://www.vtcventures.com.
About Virginia Venture Partners
Virginia Venture Partners is the equity investment program of the Virginia Innovation Partnership Corporation (VIPC) that makes seed-stage equity investments in Virginia-based technology, clean energy, and life science companies with a high potential for achieving rapid growth and generating a significant economic return for entrepreneurs, co-investors, and the Commonwealth of Virginia. Since its inception in 2005, Virginia Venture Partners has deployed $41.8 million in capital across more than 275 portfolio companies, including 17 companies in designated Opportunity Zones. Virginia Venture Partners' investment decisions are guided by the Virginia Venture Partners Investment Advisory Board (IAB). This independent, third-party panel has drawn from the expertise of leading regional entrepreneurs, angel, and strategic investors, and venture capital firms such as New Enterprise Associates, Grotech Ventures, Harbert Venture Partners HIG Ventures, Edison Ventures, In-Q-Tel, Intersouth Partners, SJF Ventures, Carilion Health Systems, Johnson & Johnson, General Electric, and Alpha Natural Resources. For more information, please visit http://www.virginiaipc.org/vvp.
Amy Robertson, Veracity Verification Solutions, 1 5404948737, [email protected]
SOURCE Veracity Verification Solutions