ED MAP Inc. Nets Investment of $2.1 million
Adena Ventures is based in Athens, OH and is investing $600,000. SJF Ventures, with offices in Philadelphia, PA and Durham, NC is investing $450,000 as is OCA Ventures of Chicago, IL to bring equity financing to $1.5 million. Completing the financing is People’s Bank, which will provide a $600,000 line of credit to bring the total financing round to $2.1 million.
“We’re excited about the market growth potential of the for-profit, on-line learning education market,” James Dugan, partner and CEO of OCA Ventures, says. “And we’re impressed with the management team. They are very competent managers who have their finger on the pulse of this industry.”
In addition, OCA was gratified with the marketplace response to the company already. “ED MAP is going to become a substantial business. We think they have a very bright future,” Dugan says.
Dan Hoversten, managing director of SJF Ventures, a venture capital firm that focuses on investments that create entry-level jobs, says ED MAP met its criteria and shows strong potential for return on investment. “The company is at an inflection point of growth; they have recently signed on some of the biggest names in the distance learning industry as customers.”
The financial backing will propel this quickly expanding company to its next stages of growth. ED MAP has a payroll of nearly $1 million annually and plans to create 60 new jobs over the next five years.
ED MAP Inc. is based in Nelsonville, OH and provides software tools (CMMS – Course Materials Management System), management support and fulfillment services to help institutions and corporations manage educational materials distribution for distance learning programs. For more information, go to ED MAP’s website www.edmap.biz.