Questar Assessment Secures Investment from New Markets Venture Partners
- Leading Venture Capital Firm Provides $1 Million of the $4.6 Million Raised -
Apple Valley, MN, August 4, 2009 -- Questar Assessment, Inc. (www.QuestarAI.com), a leading educational assessment provider for states, school districts and higher education institutions, has announced that it has secured additional funding. The funding comes from existing stockholders and new investors, including New Markets Venture Partners (www.newmarketsvp.com), a leading early stage venture capital firm that invests in and actively assists innovative information technology, education, and healthcare companies.
The private placement closed in two stages, in December 2008 and in March 2009. Questar raised a total of $4.6 million. “The purpose of the private placement was to increase the Company’s working capital to position it for continued growth over the next several years and to prepare itself to meet contingencies that may arise as a result of the general tightening of credit markets in the current economy,” said Roy Lipner, President and Chief Executive Officer of Questar.
New Markets Venture Partners joined Camden Partners (www.camdenpartners.com), a diversified investment management firm, as a co-lead investor with Questar. In addition, certain members of Questar senior management invested on the same terms as the outside investors.
Andrew L. Simon, Questar Board of Directors Chairman added, “We look forward to our partnership with New Markets Venture Partners because of their successful track record and their unique understanding of our business.”
“Questar is a nimble, pure-play assessment leader. Together, with our experience investing in and building high growth education companies, we see a tremendous opportunity to grow the business in today’s macroeconomic climate,” said Frank Bonsal III, Partner at New Markets Venture Partners.
About Questar Assessment, Inc.
Questar Assessment, Inc., is a leading educational assessment provider for states, schools, and school districts. Headquartered in Minnesota and New York, Questar offers comprehensive custom assessment services—from large-scale statewide assessment programs to smaller-scale alternate, modified, and English language proficiency assessments. Questar provides complete, end-to-end services designed to address all aspects of assessment from test design, development, calibration, and psychometric services to print production, distribution, scanning, scoring, reporting, and data analysis. Questar also offers customized online testing services to schools and educational entities in the K–12 market. For further information, visit www.QuestarAI.com or call 800/800-2598.
About New Markets Venture Partners
New Markets Venture Partners is a leading early stage venture capital firm that invests in and actively assists innovative information technology, education, and healthcare companies. The New Markets Team has decades of experience investing in and building high growth companies, and benefits from the wisdom, tenacity, and vision of founders of a highly successful public company and one of the U.S.'s premier venture firms. For further information, please visit www.newmarketsvp.com or call 301/405-9499.
About Camden Partners
Founded in 1995, Camden Partners capitalizes on inefficiencies that emerge in niche markets where many smaller companies flourish and grow. The firm has created three different ways investors—who range from large institutions to high net worth individuals—can benefit from its experience and influence: private equity, small cap portfolio and diversified portfolio offerings. For further information, please visit www.camdenpartners.com or call 410/878-6800.
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