Open edX News

An Open edX Provider Gets $6 Million in Funding

Edcast.com, an Open edX hosting provider created by the serial enterpreneur Karl Mehta, has raised $6 million in funding. This is the largest private fundraising that has happened in the Open edX universe (beyond the MIT and Harvard investment of $60 million).

Edcast built its first project this month with the United Nations’ Sustainable Development Solutions Network, linking more than 200 institutions worldwide.

SoftBank Capital lead the financing round with participation from other investors that included Menlo Ventures, Novel TMT Ventures, Mitch Kapor (Kapor Capital), Cerving Ventures, Aarin Capital, NewSchools Venture Fund/CoLab and the Stanford StartX Fund.

This is the second time SoftBank has backed one of Mehta’s startups, who previously founded and sold PlaySpan, a virtual currency system manager acquired by Visa Corp in a $240 million deal.

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