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MissionU, the College Alternative that Allows Students to Graduate Debt Free, Raises $8.5 Million in Series A FundingMissionU, the college alternative that gives students the skills and experience needed to succeed in today's competitive working world while allowing them to graduate debt-free with no upfront tuition, today announced an $8.5 million Series A funding round. This latest round is led by FirstMark Capital, with participation from existing investors First Round Capital, University Ventures, BoxGroup, Rethink Education and Learn Capital and new investors John Doerr (News - Alert) and Omidyar Network. This brings the company's total funding to $11.5 million. MissionU is led by education non-profit Pencils of Promise founder Adam Braun, who created the company with co-founder and Chief Product Officer Mike Adams. Inspiration for MissionU struck when Adam saw his wife's struggle to pay back more than $100,000 in student loans. A closer look at today's education climate revealed a broken system that perpetuates a burdensome student debt problem that is plaguing the entire country. The company will use this latest round of funding to ramp up growth across its blended online and in-person experience, enabling more student cohorts to join the program. Additionally, the company will be expanding to new cities beyond San Francisco in 2018. "Our goal with MissionU is to make higher education more affordable, equitable, accessible and aligned with the experiences people need to thrive in their lives and careers," said Adam Braun, co-founder and CEO of MissionU. "College today fails to provide students with real-world skills and often leaves them with insurmountable, crippling debt. It's unconscionable that student debt is the only debt in the country that can't be discharged through bankruptcy. By working with some of the top minds in the country, we've developed a debt-free program that enables students of diverse backgrounds to gain the hard, soft and technical skills that will give them a clear path to their future. Fortunately, that idea is resonating deeply with students and their families." Through its existing partnerships, MissionU works side-by-side with today's top companies including Spotify (News - Alert), Lyft, Uber, Warby Parker, Harry's and Casper, to formulate curriculum aimed at getting students hired in the high-growth industries of tomorrow. Students gain exposure to industry leaders and work on real-world projects, and partner companies get early access to hire MissionU graduates. "The nature of work is changing faster than ever before, and this is only going to accelerate as automation and AI further permeate every industry," said Matt Turck, a Managing Director of FirstMark Capital. "In order to adequately prepare a broad majority of students for this software-dominated world, the concept of the college is going to need to evolve, too. MissionU has a unique opportunity to change the higher education model and bridge the gap so that modern education and the future of work are finally aligned." On the heels of the MissionU's funding, the company's first cohort, which generated more than 4,700 applicants, began last week in San Francisco to usher a new generation of students eschewing the traditional route into the working world. The company is now accepting applications for its January 2018 cohort in San Francisco on Data Analytics + Business Intelligence, which interested students can apply to here: http://www.missionu.com/program. For more information, please visit www.missionu.com. ABOUT MISSIONU MissionU is the college alternative that gives students the skills and experience needed to succeed in today's working world. The program requires no upfront tuition, allowing students to graduate debt-free, and is aimed at lowering student debt and closing the skills gap. Led by Pencils of Promise founder Adam Braun, who created the company with co-founder and Chief Product Officer Mike Adams, MissionU is the only program that combines general education with specialized skills training to prepare individuals for real-world jobs. By employing an income-share agreement model, MissionU only requires students to pay once they are earning $50,000 or more, during which they pay 15% of their income for three years back to the company. Based in San Francisco, MissionU partners with world-class companies including Spotify, Lyft, Uber, Warby Parker, Harry's and Casper so students have access to informed curriculum while cultivating meaningful relationships with industry leaders. MissionU has raised $11.5 million in funding to date from investors including FirstMark Capital, First Round Capital and more. For additional information, please visit www.missionu.com.
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