MyEdu, a developer of education web applications to help students graduate on time and still save money, today announced that it closed a $5.5 million second round of funding to expand its university partner network and launch new services.
MyEdu is a membership service that provides various web applications to help students and parents figure out the best way to stay on track and graduate college within four years without breaking the bank. According to the company, more than two million students at 750 universities have used MyEdu’s applications, which vary from Explorer, a way to compare degrees, schools and careers based on preferences, to the Education Network Profile, which lets users share schedules and degree plans with others through online profiles.
The membership plan you choose determines which applications you can use, and it varies by university and student status. There are memberships for college students, high school students, parents, counselors and even professors. If you are a college student, for example, looking to join the Boston University network, a one time fee of $10 will get you the above mentioned products along with course and professor information, professor reviews (from fellow students) and a schedule planner. A one time fee of $20 gets you all the applications on offer, including degree planner, graduation roadmap, degree analyzer and academic dashboard. More detailed descriptions of each application can be found here.
The company works by collecting data from past college students as well as universities themselves to identify patterns that lead to unexpected costs. These costs usually are a result of students failing classes, dropping classes or opting to take extra semesters to make up for lost time. By using MyEdu applications, students and parents can save up to 20 percent of their investment, or $30,000, according to the company’s website.
Several companies could be considered competitors, including Koofers.com, which has similar products but a smaller network, Princeton Review, which offers deep insight into colleges and universities around the nation for prospective students, as well as Inkampus — a social networking site for college students, professors and faculty. MyEdu appears to have a leg up on these rivals because it offers applications that not only connect students and give reviews, but also helps plan and manage the college process.
The recent round of funding, led by Bain Capital Ventures, gives MyEdu the ability to reach out to new universities and companies, and to further incorporate data and services.