Adam Braun, the founder of MissionU, found the inspiration for his new business diring a very tight situation.
Adams wife was struggling to pay back more than $100,000 in student loans.
As the couple struggled to manage their own debt, Adam noticed a “broken system that perpetuates a burdensome student debt problem” that plagues most students when they graduate from college.
So, Adam linked up with MissionU cofounder and Chief Product Officer, Mike Adams, and the pair created MissionU.
MissionU is an interesting business.
MissionU is an alternative to college, which gives students the skills and experience they need to survive in a competitive workforce.
While this sounds like the mission statement of most colleges and universities, MissionU allows their students to graduate debt-free, with no upfront tuition costs.
The company has existing partnerships with Spotify, Lyft, Uber and others, to create a curriculum that allows students to perform in a 21st-century work environment.
Adam Braun and Mike Adams idea has attracted the interest of several high-profile investors, including First Round Captial, University Ventures, Rethink Education and The Odiymar Network.
Together, these investors just pumped and $8.5 million into MissionU, bringing the companies total raise to $11.5 million.
“Our goal with MissionU is to make higher education more affordable, equitable, accessible and aligned with the experiences people need to thrive in their lives and careers.” – Adam Braun, co-founder and CEO of MissionU.
“College today fails to provide students with real-world skills and often leaves them with insurmountable, crippling debt. It’s unconscionable that student debt is the only debt in the country that can’t be discharged through bankruptcy,” Adam Braun said. “By working with some of the top minds in the country, we’ve developed a debt-free program that enables students of diverse backgrounds to gain the hard, soft and technical skills that will give them a clear path to their future. Fortunately, that idea is resonating deeply with students and their families.”The new round of funding is going to be used to accelerate MissionU’s blended online and in person learning experience.”
MissionU will also expand into new cities outside of San Francisco, and 2018.
So far, over 4700 applicants have applied for MissionU in San Francisco, in hopes of bypassing the traditional route into the working world.
Infographic by Money Goody.