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EverFi is an educational technology company that provides digital educational programming on basic financial services to help people move from lower-income brackets.
Other early investors in the company included Amazon founder Jeff Bezos and former Google CEO Eric Schmidt.
Now, EverFi has been bought by Blackbaud, a software company that focuses on impact-oriented software, for $750 million, the Wall Street Journal reports.
Blackbaud is based in South Carolina, and EverFi is based in Washington, DC.
John Rogers, co-managing partner of the Rise Funds, which backs education and educational technology companies, tells Penta that traditional private-equity firms often conflate growth with quality, so the Rise Funds focus on companies that drive learning outcomes or improve student progression.
"As funds with a mandate to realize positive results for society, 'we're not allowed to invest in a company unless we can see the evidence of that impact,'" Rogers says.
"This approach leads the Rise Funds to companies that drive learning outcomes, or improve student progression, in a way that ensures 'that these are going to be the solutions that will endure.'"
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Social Entrepreneurship
Spotlight
Social Entrepreneurship: The Right Balance of Doing Good and Doing Well
Social entrepreneur and co-founder of nonprofit Jolkona, Adnan Mahmud, discusses his definition of a successful social entrepreneur. He describes the social entrepreneur as someone who has found the right balance between doing good while doing well.