August 5, 2009
Based in Apple Valley, Minnesota, one of the United States’ leading educational assessment firms, Questar Assessments announced today that it has received a $4.6 million round of funding with new investor, New Markets Venture Partners pitching in $1 million to the fund. Camden Partners along with other undisclosed investors also participated in this round of funding.
Questar Assessment is an educational assessment firm that provides assessments for states, schools and school districts and mainly assesses the performance of schools from grades kindergarten or K through the twelfth grade. For states, Questar offers a large-scale statewide school assessment and for smaller entities, such as single schools or school districts, a smaller-scale English proficiency assessment. Questar has its main headquarters in Apple Valley, Minnesota, but also has regional corporate headquarters in New York as well.
The funding round that Questar closed was closed in two stages. The first stage was closed in December of 2008 and the second stage was closed in March of 2009. With those two stages and the current investment from New Market Venture Capital, the company closed a total of $4.6 million.
According to Questar’s president and CEO, Roy Lipner, the reason for Questar to raise this investment was to supply enough funds for Questar, so it could have enough working capital over the next few years and to be prepared and have enough backing for any credits that may arise in these difficult economic times.
According to the chairman of Questar’s board of directors, Andrew L. Simon, the board members look forward to be working together with New Markets Venture Partners, because of their track record of being successful and their unique approach and understanding of how business functions.
According to Frank Bonsal III, partner with New Markets Ventures, Questar is a nimble player in today’s markets. Together with the experience of New Market Ventures has in building high growth education companies, Questar poses a great opportunity for the vc firm.
New Markets Ventures is an early stage vc firm that mainly invests in companies who are in the education, IT, and healthcare industries. The team of investors at New Markets Investors is highly experienced in building high growth companies with a successful track record. Other companies in New Markets Ventures include Adegen, Apex Learning, ARPU, Artifact, Bioset, Headsprout, and others.
Camden Partners is a private equity firm that invests its equity in companies who are in the education, business services, healthcare, and financial services industries. Some other companies in Camden’s portfolio include American Public Education, Aradigm Corporation, LipoScience, ArtiCure, BioMedical Enterprises, and others.
For more information about Questar Assessments, click here.