SEATTLE, -- Maveron LLC, along with participation from several high net worth individuals and the company's founders, today announced the closing of a $1.25 million round of financing in Latimer Education, Inc. ("Latimer"), a Washington, DC-based, for-profit education company that is developing an online university for African Americans. In addition, Maveron's Jason Stoffer and Amy Errett will join Latimer's Board of Directors.
"Latimer's founding management team, Scott Royster and Brian Jones, have successful track records building African American focused brands and leading education sector enterprises," said Jason Stoffer, a Principal at Maveron. "We believe they have identified a significant market need and opportunity that fits perfectly with our broad Internet investment strategy and our specific focus in the online education market, as demonstrated by our investments in companies like Capella Education Company(CPLA 92.42, -0.42, -0.45%), Livemocha and Altius Education."
"Maveron shares our vision and their unique combination of online education sector expertise and success in guiding the creation of enduring consumer brands, makes them the perfect choice as a financial partner," said Scott R. Royster, Chairman and CEO of Latimer.
Mr. Royster is an accomplished investor and business executive who spent nearly 12 years as the Chief Financial Officer at Radio One, Inc. (ROIA.K 3.05, -0.04, -1.29%), one of the country's largest and most diversified media companies targeting the African American community. At Radio One, Royster was instrumental in completing the company's initial public offering, and multiple follow-on offerings, and helping lead a ten-fold increase in enterprise value during his first six years as CFO.
Latimer's President, Brian W. Jones, is the former General Counsel of the U.S. Department of Education and the current Chairman of the Washington, DC Public Charter School Board. Additionally, he was Senior Counsel at Dow Lohnes PLLC, a Washington, DC-based law firm, where he served as a strategic and legal advisor to various for-profit education stakeholders. After leaving the Department of Education and before joining Dow Lohnes, Jones was Executive Vice President and General Counsel of College Loan Corporation, a leading student loan company with $10 billion in assets. He also currently serves on the board of directors of Apangea Learning, Inc., an online education company that provides tutoring services.
"As the for-profit education sector continues growing, we believe institutions will begin focusing more attention on serving specific student segments," said Jones. "Just as we saw the creation and growth of African American targeted businesses in the media industry, we plan to establish Latimer as the premier choice for African Americans seeking a culturally relevant, quality post-secondary online education."
Maveron is a leading venture capital firm founded by Dan Levitan and Howard Schultz with offices in Seattle and San Francisco. Maveron's mission is to help exceptional entrepreneurs build great consumer businesses. Current representative Maveron investments include fast-growing consumer companies, such as Potbelly Sandwich Works, zulily, Kwedit, Altius Education, Pinkberry and Livemocha, and powering technology companies such as VideoEgg. Monetized investments include eBay, Capella Education Company, Shutterfly, Cranium (acquired by Hasbro), Qsent (acquired by TransUnion), Good Technology (acquired by Motorola) and lucy activewear (acquired by VF Corporation). Maveron has approximately $750 million under management and 23 active portfolio companies nationwide. For more information about Maveron, visitwww.maveron.com.
About Latimer Education
Founded by Brian W. Jones, Scott R. Royster and David A. Sutphen, Latimer Education, Inc. is developing an online university targeting African Americans. Based in Washington, DC, privately-held Latimer Education is backed by Maveron LLC. For recent announcements and the latest information, please visit www.Latimereducation.com.
SOURCE: Maveron LLC
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