HotChalk Hires Citigroup to Raise Private Funding
Published By : 27 Aug 2015 | Published By : QYRESEARCH
According to sources the educational technology startup HotChalk is trying to raise about US$75 million. It is trying to rope in private investors to get its market value up from US$500 million to US$800 million. To achieve the goal, HotChalk has hired Citigroup Inc. The educational start up essentially assists colleges and universities to launch their online degree programs. The sources requested to be anonymous as this is still a private matter. No comment has been received from HotChalk or from Citigroup on the matter.
HotChalk started in 2004 with an aim to sell software to educational institutes that will help them to make their degree program online. The company also helps colleges and universities with their technical support and garnering students for their programs.
A member of the U.S. Concordia University System, Concordia University-Portland that is based in Oregon and operates in many other states of the U.S. takes help from HotChalk to operate its online Master of Education and Doctorate of Education degree programs. In the coming few months HotChalk will announce its new customers.
This is expected to be the biggest ever funding for HotChalk, operating in California and the first time ever that it will seek such a help since the financial crisis of the past decade.
Chief Executive of HotChalk Edward Fields stated that the company has raised about US$15 million from private funding and venture capital ever since it started. Some of the contributors to the last funding that happened in 2008 were Mohr Davidow Ventures, Peacock Equity Fund, McGraw-Hill Education, and NBC News.