Cascade Angels Fund 2015, LLC announced today a $100,000 investment in Lumen Learning, a Portland-based startup that helps higher education and K-12 institutions use open educational resources to eliminate textbook costs, broaden access to educational materials, and improve student success.
The investment was part of a $2.5 million seed round led by the Oregon Angel Fund. It also included the Portland Seed Fund, Alliance for Angels and others.
This is the first investment by the Cascade Angels 2015 fund, which recently closed with $725,000. From the news release:
“We are pleased to have Cascade Angels participate,” said Kim Thanos, CEO of Lumen Learning. “Access to Oregon-based capital and expertise is critical to our success in expanding our operations across North America and bringing affordable courseware to community college students.”
Founded in 2012 by Kim Thanos and David Wiley, the company is also a grantee in the Bill & Melinda Gates Foundation’s Next Generation Learning Challenge and Next Generation Courseware Challenge programs. The company has also received grant funding from the Hewlett Foundation and the Shuttleworth Foundation.
Julie Harrelson, CEO of the Harrelson Group and the fund’s manager, says that Cascade Angels is looking forward to reviewing additional Oregon-based companies for investment. The fund is still accepting applications from interested companies.
You can reach Kelly by email at [email protected].