The Lumina Foundation has taken a stake in Cevitas Learning.
The $1.2 billion foundation invested an undisclosed sum in the edtech venture’s $60 million Series D round.
Cevitas Learning has an analytics platform to help universities track student progress and help retain and graduate students. It works with 300 colleges and universities serving seven million students.
Lumina wants to see 60 percent of U.S. adults earn postsecondary credentials by 2025 — up from 46 percent today. “If we want outcomes for today’s students to change, we must change the way we approach student success and deliver support,” says Lumina’s Jamie Merisotis.
The foundation launched Lumina Impact Ventures last March and plans to invest $5 million per year for the next 10 years. Lumina joined Valhalla Charitable Foundation more than 18 months after Warburg Pincus kickstarted Cevitas’ latest round of funding.
It was just in time: Cevitas recently laid off 10% of its staff.