Vemo Education Closes $2 Million Round
- December 7, 2015
- Posted by: Kerry Schneider
- Category: Investors, VEMO Newsroom
RESTON, VIRGINIA (December 7, 2015) – Vemo Education, an education technology company working with U.S. colleges and universities to develop and service income-based student financing programs, announced today the closing of a $2M seed round led by FastForward Innovations Limited, an investment company listed on the UK’s AIM stock exchange.
Vemo was founded to address the college value crisis. Vemo assists institutions of higher education to align their costs with their value, while improving enrollment and revenue. By partnering with colleges and universities directly, Vemo receives institutional input, enabling the company to provide custom, value-oriented financing options, including Income Share Agreement (“ISA”) programs and deferred tuition plans. Vemo’s management team has extensive experience in education finance and the financial aid sector, and CEO Tonio DeSorrento is considered one of the foremost experts on income share agreements in the U.S., having contributed to their development since 2007.
Vemo’s board is led by Executive Chairman Lorne Abony, a technology and media entrepreneur. In his role as a CEO and founder of a number of successful ventures, Abony has raised over $1.3 billion through public and private debt and equity markets. “I am convinced that in addition to helping colleges and universities thrive, equity financing for students will be a meaningful solution to the student debt crisis,” said Abony.
Vemo will use the funds to expand its team, including the hiring of industry veterans to secure partnerships with higher education institutions and oversee servicing operations. The company announced in November that it has entered into a letter of intent with the Purdue Research Foundation to explore the use of an ISA program for Purdue students.
Kerry Schneider, Vemo Education (firstname.lastname@example.org) PH: (703) 831-7231
About Vemo Education
Vemo Education helps higher education institutions develop customized, value-oriented student financing programs. Providing a full-service approach to its partners, Vemo has invested in the infrastructure required to design, price, originate, disburse, and service income-based payment products. Vemo’s management team has extensive experience in the education finance and financial aid sectors. Learn more at www.vemo.com.