Follett Corp funds ed-tech pool
Follett Corporation teamed up with Atrium Capital to establish Follett Knowledge Fund, a pool which strives to fund new technologies in the education sector, specifically content improvement, delivery and consumption. Follet Corp., is based in River Grove, Illinois. The company operates bookshops across the area.
Follett committed a total of $50 million to the pool. This expands the company's portfolio.
Mary Lee Schneider, Chief Executive Officer and President of Follett Corporation said, "Follett has a long track record of investing in and introducing new technologies to the education marketplace, whether it be in K-12 classrooms, on college campuses or wherever learning takes place."
When asked about the new fund, Schneider said, "The Knowledge Fund will enable us to identify and invest in early-stage technologies that will make educational materials more accessible and affordable to students and educators alike."
Menlo Park, California-based Atrium Capital will co-manage the fund. Russell B. Pyne, Atrium's managing partner said that Atrium is "thrilled to be partnering with Follett Corporation to pursue EdTech innovations."