River Grove, IL (USA), July 2013 - Follett Corporation has announced the establishment of the Follett Knowledge Fund, a capital-funding source for new technologies that have the potential to improve and even disrupt the way educational content is delivered and consumed. Follett has committed $50 million to the fund, which complements and extends the company's extensive portfolio of digital solutions and tools.
"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," said Mary Lee Schneider, President and CEO, Follett Corporation. "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."
The fund will be co-managed by Atrium Capital, based in Menlo Park, Calif. Atrium will partner with Follett to identify, analyze, and manage investment opportunities for the fund and serve as an adjunct to Follett's business-development activities in the emerging technology space.
"We are thrilled to be partnering with Follett Corporation to pursue EdTech innovations," said Russell B. Pyne, Managing Partner of Atrium Capital. "Follett is an extraordinary company with a great market position in the education space and a clear vision for the future. The Knowledge Fund will serve as a launch pad for entrepreneurs seeking to transform the education landscape."
With the largest footprint in the K-12 education market, Follett provides physical and digital content solutions to more than 70,000 schools. Follett is focused on improving student outcomes with services that range from providing schools with single-point access to digital content using the Follett Shelf™, to connecting vital student data and learning content on any device with Aspen®, the company's student-information system. Most recently, in support of the new Common Core State Standards, schools are using Follett's Titlewave® platform to assess their existing collections, identify gaps, and then find and purchase the physical and digital titles they need from thousands of publishers and other sources of content.
On the higher-education front, Follett provides the widest scope of course material and delivery options at over 1,000 colleges and universities across North America. Whether those materials are purchased or rented online or on campus, or delivered digitally or physically, Follett is focused on giving faculty and students affordable, flexible options. Follett is the largest operator of college bookstores, with a significant online and e-commerce presence in education. Follett is ranked No. 71 in Internet Retailer's 2013 Top 500 Guide, an authoritative listing of the 500 leading players in North American e-retailing.
