SPEED UP: ETS, the Princeton, N.J.-based creator of tests like the GRE and Praxis Series, will invest $2 million in capital to education startups through one of the longest-running edtech startup accelerator.
LearnLaunch Accelerator will manage day-to-day operations of the so-called ETS Accelerate program, according to a statement Thursday. Boston-based LearnLaunch has worked with 58 startups since its founding in 2012.
The accelerator will accept applications for the first cohort through July 10 and is looking for companies that provide tools and services that train learners with skills for the future economy or in the English language. Cohort members will receive monetary support and mentorship.
All companies that participate in the first cohort receive $20,000 in exchange for 6 percent of equity. Companies can also receive an additional $50,000 in investment based on meeting company-specific milestones.
Founded in 1947, ETS develops, administers and scores over 50 million tests a year in over 180 countries. This is not the first time ETS and LearnLaunch are working together. Last summer, ETS also provided financial support to its accelerator program. The test-maker has also been more active in supporting edtech startup, having invested in Knack and NurseDash earlier this year.
