The U.K.-based private equity impact investment manager Bridges Ventures is investing in Springboard Education in America, its first U.S. deal after opening an office here last year.
Bridges, a pioneer impact investor on the U.K. scene, was founded in 2002 and now has more than $800 million under management. Its founding chairman, and current advisory board chair, Sir Ronald Cohen has been an outspoken advocate for impact investing on the global stage. To lead the U.S. expansion, Bridges brought on John Rogers, a longtime health and education investor, and Brian Trelstad, formerly Acumen’s chief investment officer. The firm is focused on the challenges, and opportunities for innovation, in health and wellness, education and skills, and sustainable living in the U.S.
Springboard operates programs in seven U.S. states and Washington D.C., serving more than 6,000 students in 53 public and charter schools. Bridges’ investment of an undisclosed amount, will help Springboard expand across the U.S. Bridges typically invests between $3 million and $10 million. Software engineer Kevin Flynn founded Springboard in Massachusetts in 2008.
“The demand for before- and after-school education is enormous, and there are few quality providers at any meaningful scale,” Rogers said in s statement. Spending in the U.S on afterschool programs is nearly $22 billion, with 10.2 million school-aged children enrolled and another 11.3 million who are unsupervised after school, according to the Afterschool Alliance.