2022 EIF Impact Report by ECMC Group

2022

IMPACT REPORT

CONTENTS

3

OVERVIEW Letter from the Team Why This Work Matters Trends We’re Watching

6

PORTFOLIO SNAPSHOT Current Portfolio Snapshot EIF Investment Focus Areas Who Our Portfolio Serves

10 RECENT INVESTMENTS Meet the CEOs

14 IMPACT APPROACH Our Approach to Impact Establish an Impact Thesis Evaluate Using Our Impact Framework Partner to Accelerate Impact

19 IMPACT HIGHLIGHTS Reach Efficacy Scalability

23 IMPACT CASE STUDIES 28 PORTFOLIO PROFILES

2

LETTER FROM THE TEAM ECMC Group’s Education Impact Fund is investing to improve access and outcomes for underserved learners in postsecondary education and the workforce The Education Impact Fund (EIF) is advancing ECMC Group’s mission by building a $250M evergreen portfolio of early and growth stage companies that will improve

more effective career pathways. 1 According to World Economic Forum (WEF) research, 81% of companies expect to adopt education and workforce technologies

education outcomes for underserved learners and advance the training of America’s workforce. We aim to build an inclusive, efficacious, and sustainable US education

to help deliver more dynamic learning environments and take advantage of opportunities for human-plus-machine productivity gains arising from the AI

and training ecosystem by investing in ventures with significant potential for both impact and financial returns. To that end, it is important for us to understand both

revolution.2

the primary and secondary effects our portfolio is having across the landscape and explore the role we can play in accelerating that impact.

Still, we are at an inflection point where productivity and access are only part of the solution. Institutions must address the mental health crises that disproportionately deter BIPOC learners from completing degree programs. 3 Employers must be

While this report is, in part, a measuring stick for our fund, meant to ensure our dollars are indeed going toward impactful outcomes, it is not our primary goal.

thoughtful about establishing a sense of purpose and belonging to retain workers, particularly the frontline workers who are most likely to churn because of a lack of

Primarily, we hope to use this report to elevate the laudable work being done daily by the purposeful founders and companies we’re investing in. By doing so, we

support and development.4

endeavor to amplify robust, data-driven impact narratives that demonstrate efficacy and compel other investors, funders, and stakeholders to embrace these innovative solutions to pressing education and workforce challenges. Through this lens, we

Looking forward, we are driven by opportunities for EIF and the ECMC Group to lean in further. In addition to supporting underrepresented learners, we recognize and are intentional about our platform’s capacity to provide much-needed access to

believe we can best support our portfolio companies’ impact visions and the fulfillment of ECMC Group’s impact objectives.

capital for diverse founders in a venture capital (VC) environment where female founders and founders of color continue to see barriers to accessing capital. 5 In

Our education and workforce landscape continues to strain amidst many challenges,

addition to capital, we are investing in resources to help our portfolio companies accelerate the impact of current solutions and employ rigorous approaches to

including unprecedented macroeconomic conditions, labor and budgetary pressures, learning loss, and shifting sentiments around the value of higher education. Colliding with this dynamic landscape is a momentous influx of powerful new technologies,

quantifying how they are changing outcomes for underserved learners.

such as generative AI, with the potential, if managed ethically and responsibly, to unlock accessible and efficacious learning models like never before.

management teams, fund managers, co-investors, and experts. With your support, we will continue to pursue our mission of improving access and outcomes for

We are grateful for the opportunity to work with such a committed group of

Meet Our Team Joe Watt VP & Managing Director

Steve Deutsch Director

Eric Nelson Senior Associate, Impact Investments

Demetrius Daltirus Senior Associate, Impact Acceleration

Chuxin Liang Associate, Impact Investments

underserved learners.

Thus far in 2023, nearly every governor’s State of the State address has identified opportunities to support innovative postsecondary learning models and invest in

(1) NGA.org: “Governors Prioritize Postsecondary Education Pathways in 2023 State of the State Addresses” (2023); (2) World Economic Forum: “The Future of Jobs” report (2023); (3) Gallup & Lumina foundation research: “The State of Higher Education 2023”; (4) McKinsey & Company: “Race in the Workplace: The Frontline Experience” (2022); (5) Morgan Stanley: “Investing in Diverse Startups: A Reassessment” (2022)

3

WHY THIS WORK MATTERS Learners and workers face a rapidly changing economy and job market yet have limited access to training and reskilling opportunities that deliver on outcomes We are undergoing structural labor market disruption…

23%

…while workers don’t have the requisite skills,

<50%

and the ROI of traditional higher ed is in question.

Students are beginning to vote with their feet…

…putting U.S. economic production at risk as the talent gap persists.

20%

$162B

41%

Of job churn will be driven by the mass adoption of AI

Of workers have access to adequate training opportunities

Of college grads age 22 to 27 are underemployed

Decrease in students considering a college degree

Projected loss in revenue due to the high-tech talent gap4

with WEF estimating 40% of all working hours could be impacted by large language models (LLMs).1 This accounts for a loss of 83 million jobs and the emergence of 69 million new jobs over the next five years.

but 60% of workers will require training before 2027, with the highest priority on increasing analytical and critical thinking, as well as how to leverage AI and big data to augment their work. 1

with research showing that ~70% of underemployed grads remain in this position five years into their career. This problem is acute for low-income and first-gen students who have limited social capital.2

while on an inflation-adjusted basis, the net price of college has been falling on average over the last decade, 68% of students cite the cost of education as an important barrier.3

placing an onus on employers, educators and the government to collectively innovate across the landscape to remove barriers for future generations of learners and workers.

Meanwhile, investment is lagging, with education accounting for ~7% of GDP but only ~2% of VC funding5,6 (1) World Economic Forum: “The Future of Jobs” report (2023); (2) SHRM Report: “Building Social Capital to Reduce Underemployment” (2022); (3) ECMC Group: “Question The Quo” report (2022); (4) Korn Ferry Research: “The $8.5 Trillion Talent Shortage”; (5) Our World in Data; (6) Reach Capital

4

TRENDS WE’RE WATCHING Looking forward, we’re particularly interested in solutions to improve student mental health, access to personalized learning at scale, and skills-based assessment and hiring

60%

33%

Of college students meet the criteria for at least one mental health problem1

Increase in job postings on LinkedIn over the last six months that do not require a four-year degree3

COVID-19, hybrid learning, and increased technology usage has exacerbated student isolation and mental health issues, amplifying the need for enhanced community and peer-to-peer support networks.

As education providers move away from standardized assessments and employers shift hiring requirements from degrees to skills, the market will require dynamic skills assessment and discovery platforms that connect rising and overlooked talent with high-demand job pathways.

Human Connection

Skills-First Design

40%

Projected annual growth of generative AI in the education market2 Generative AI holds transformative potential for education, particularly by leveraging AI to make personalized learning experiences more accessible and scale high-quality instruction.

But can it be deployed with the necessary accuracy, transparency and accountability?

+$19k Responsible Generative AI

Work-Integrated Learning

Increase in income for bachelor’s degree recipients who experience work-integrated learning (WIL)4 Traditional educational systems are falling short in delivering skills with real-time market relevance, providing opportunity for platforms that bridge academia and industry via experiential learning opportunities.

(1) Refers to research conducted by the American Psychological Association; (2) Gen AI in Education Market Research; (3) LinkedIn Insights; (4) Research from Strada Education’s “The Power of Work-Based Learning”

5

PORTFOLIO SNAPSHOT

2022 IMPACT REPORT 6

CURRENT PORTFOLIO SNAPSHOT ECMC Group’s Education Impact Fund (EIF) is building a $250M evergreen portfolio of mission-aligned impact investments into companies and investment funds, including 19 direct investments into companies since 2019 Current EIF Portfolio Direct Investments to Date (targeting ~60% of total deployed)

$43M 23 Total Invested

Total Companies

Fund Commitments to Date (targeting ~40% of total deployed)

29%

Of portfolio founders/CEOs are BIPOC (compared to 28% benchmark1)

32%

Of portfolio founders/CEOs are women (compared to 11% benchmark1)

Thematic Area2

21%

$105M 14

43%

Of portfolio founders/CEOs are BIPOC (compared to 28% benchmark1)

Total Committed

26%

Of portfolio founders/CEOs are women (compared to 11% benchmark1)

Total Funds

Learner Segment2

28%

19%

32%

Unlocking Eq uitable P athways

Re volution izing Skill Developme nt

Re moving Bar riers t o Co mpletion

Fue ling Care er Success

23%

17% K- 12

Stage2

60% Po stsecon dary

Wor kforce

Stage 2

22% Seed

35% Series A

27% Series B

Note: Data as of 6/30/2023; (1) Diversity VC research; (2) Percentages by capital invested

16% Series C

1% 9%

43% Pr e-See d

Seed

14% Series A

Series B

23% Series C+

9%

Bu yout

7

EIF INVESTMENT FOCUS AREAS Learner pain points and impact opportunities across postsecondary and employment drive our investment thesis and areas of focus Impact Themes

Target Outcomes

Unlocking Equitable Pathways

• Access to Quality Programs

Revolutionizing Skill Development

• Credentials of Value

Removing Barriers to Completion

• Graduation Rates

Fueling Career Success

• Placement Rates

Portfolio

• Affordability • Matriculation Rates

• Measurable Skill Gains • Program ROI

• Student Persistence • Time to Completion

• Promotion Rates • Wage Uplift

8

WHO OUR PORTFOLIO SERVES As our direct EIF portfolio grows, it is deeply impacting education access and outcomes for millions of diverse and traditionally underserved learners across the postsecondary and workforce landscape

9

RECENT INVESTMENTS

2022 IMPACT REPORT 10

MEET THE CEOS Meet our newest founders and CEOs who are fueling career success Series B

Online Courses to Future-Proof Your Career Springboard provides online, mentor-guided courses to upskill early to mid-level professionals in high-demand fields such as data science, UX design and digital marketing. Its approach—combining personalized mentorship, career counseling and a human-centric learning experience—promotes higher course completion and job placement rates.

Gautam Tambay Co-founder & CEO

Series A

Invested Q2 '23

“Outdated educational requirements are biased in favor of those who can afford traditional degree programs. At Springboard, we're leveling the playing field by enabling people of all backgrounds to participate in the digital economy.”

Invested Q4 '22

Career Mobility for Frontline Workers Pathstream is a career mobility platform that empowers frontline workers to advance their careers by uncovering transferable skills, working with a coach to select their best-fit career path and completing targeted upskilling programs in a low-risk learning environment.

Eleanor Cooper Co-founder & CEO

“For millions of frontline workers, the process of advancing their career is chaotic, seemingly arbitrary and ultimately broken. Pathstream is about changing that experience—partnering with companies to transform their dead-end frontline jobs into career-building opportunities worth staying for.”

11

MEET THE CEOS Meet our newest founders and CEOs who are revolutionizing skill development Series C

Immersive Skilled Trades Training Interplay Learning provides immersive online and VR simulation-based training for essential skilled trades jobs that is creating better learning and career pathways for middle skills workers in fields such as HVAC, facilities maintenance, electrical, plumbing, solar and others.

Doug Donovan Co-founder & CEO

Seed

Invested Q3 ‘22

“Skilled workers have been overlooked by EdTech innovation.... Every one of these employers and schools need to recruit people to come in and learn a trade, and if they don't have a digital offering, it’s just not really appealing to this generation. These jobs are in every single community, and they're in need.”

Invested Q3 '22

Helping the Blind and Visually Impaired Find Rewarding Jobs Clusiv is the first online job readiness and vocational training platform specifically designed to remove the accessibility and training barriers that have traditionally held back the blind and visually impaired community, empowering them to gain the skills needed to enter the modern workforce.

Lukas Simianer Co-founder & CEO

“Nearly 70% of the blind and visually impaired workforce is unemployed, mostly due to the lack of support systems like training and workplace accommodations that will help our community reach economic mobility. The goal is to make people who are blind or visually impaired in the workforce a norm and not the exception.”

12

MEET THE CEOS Meet our newest founders and CEOs who are removing barriers to completion

and unlocking equitable pathways Series B

Course Sharing to Improve Student Persistence Acadeum is the creator of the largest course-sharing platform that matches a vast catalog of existing, high-quality courses from regionally accredited institutions with learners who often struggle to access the classes they need to persist and graduate on time.

Dave Daniels CEO

Seed

Invested Q2 '23

“Today’s learners are older and more likely to be parents or working than at any point in our nation’s history. That new majority of learners are putting pressure on institutions to align course offerings with the realities of their schedules and responsibilities beyond the classroom. We’re building tools to unlock opportunities for these students.”

Invested Q1 '23

Accredited Apprenticeship Degree Programs at Scale Craft is building the critical data layer that assists states, employers and education providers with the measurement, reporting and compliance necessary to run accredited apprenticeship degree programs at scale. Craft's initial market focus is upskilling paraprofessionals to become full-time certified teachers while getting paid.

Mallory Dwinal-Palisch Founder & CEO

“Creating affordable pathways to and up through the economy is not only the right thing to do, it is also good business: employers need skilled workers, and the employee of today is much more savvy of their ROI on their training relative to their job.”

13

IMPACT APPROACH

2022 IMPACT REPORT 14

OUR APPROACH TO IMPACT We leverage a three-step approach to identifying, assessing and accelerating impact that hinges on partnering collaboratively with our portfolio companies to support them in achieving their impact goals

3 Partner to Accelerate Impact Post-investment, work with portfolio companies to identify opportunities to support the realization and acceleration of impact outcomes

2 Evaluate Using Our Impact Framework

1 Establish Impact Thesis

During diligence and postinvestment, measure impact along three core factors: reach, efficacy and scalability

Identify the core problem and what’s unique about the company’s solution, ensure alignment between impact and financial success and unite on a long-term vision

Pre-Investment

Post-Investment 15

1

ESTABLISH AN IMPACT THESIS

Before entering diligence, we work with founders to understand their impact vision and align on a clear and compelling impact narrative that informs our evaluation of impact

Vision

What is the long-term impact that the company seeks to achieve, and how will this vision inform decision-making and galvanize the team?

Problem

What is the core problem the company is targeting, and why is it urgent and relevant?

Approach

How is the company solving this problem in a compelling and differentiated way?

Alignment

What elements of the business model and leadership ensure a virtuous cycle of impact and financial outcomes?

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2

EVALUATE USING OUR IMPACT FRAMEWORK

Pre-Investment During our diligence process, we evaluate a company’s impact using a three-factor framework, assessing each element based on the company’s current outcomes data.

We also use this framework to identify potential opportunities to improve a company’s impact outcomes, either by enhancing metrics/analytics or specific impact initiatives.

Post-Investment Using the initial assessment as a roadmap, we work to support our companies in advancing their impact analytics and outcomes.

EIF Impact Framework Reach The size of the impact opportunity and the company's current and potential impact on underrepresented or marginalized populations

Example Metrics

• Current learners reached • Total number of addressable learners • Demographic composition

Efficacy

• Evidence-backed pedagogy

The research and data points that validate the company’s ability to deliver long-term outcomes aligned to its impact vision

• Surveys/feedback • User engagement data

Scalability

• Capital efficiency metrics (unit economics, burn multiple, etc.)

• Cost to serve/deliver outcomes

The company's ability to drive operating leverage while maintaining or improving its impact outcomes over time

• Quantitative studies & RCTs

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3

PARTNER TO ACCELERATE IMPACT

While our work is still nascent, we are committed to delivering tailored support toward our portfolio companies’ impact goals, leveraging the ECMC Group platform to amplify their stories and facilitating access to ECMC Group's network of experts in education and workforce Levers to Accelerate Impact Impact Measurement & Support Dedicated team resources to support a robust evaluation of impact and help identify opportunities to support and accelerate our portfolio’s impact goals

Brand Equity Leverage the ECMC Group brand and reach to provide a platform for companies to articulate and share their impact

ECMC Group Network Activate ECMC Group’s network of subject matter experts to explore new channels, strategies and funding mechanisms

Select Examples Our team is working with Interplay Learning to help design and launch multiple VR-driven pilots with employers, public libraries and workforce development organizations. In addition to donating VR headsets, ECMC Education is providing career services support to ensure learners are prepared to enter the skilled trades workforce.

In partnership with gener8tor, ECMC Group and ECMC Foundation sponsor an annual conference providing our portfolio with unique exposure to a diverse investor base and a platform to showcase the key issues they are impacting across the postsecondary and workforce landscapes.

The EIF team has helped facilitate conversations and partnerships with various leaders within the ECMC Group network to support our portfolio’s operational and financial strategies. From government affairs to technology leaders, we seek to provide direct access to the knowledge and resources necessary for our portfolio’s success.

18

IMPACT HIGHLIGHTS

2022 IMPACT REPORT 19

REACH EIF portfolio companies1 saw a ~73% increase in reach2 YOY, serving ~6M learners in 2022 Unlocking Equitable Pathways ~48k Tier 2/Tier 3 multi-tiered system of supports (MTSS) students served ~2k Teacher apprentices 5,500+ Impact originations

Revolutionizing Skill Development ~27k Active licenses ~33k Learners seeking economic mobility 421k+ Caregivers served 10 States vendorized

Removing Barriers to Completion

Fueling Career Success

~25k Students served

5,5K+ Minority students served

2M+ Pell Grant students served

1.7K+ Supervisees in mental shortage areas

~30K First-gen students served

~24K Frontline workers served

55 Higher ed institutions served

~61K Skilled trades learners served 850+ Apprentices served

(1) Companies that reported 2022 impact metrics; (2) Refers to the number of learners served and based on the average percentage increase across the portfolio

20

EFFICACY ~75% of EIF portfolio companies1 saw an improvement in efficacy metrics YoY, demonstrating their compounding ability to deliver high-impact, long-term outcomes Select Portfolio

(1) Companies that reported 2022 impact metrics

Outputs

Outcomes

50% Of learners are taking courses to start or grow their business

39% Of learners report generating additional income

84% Completion rate

95% Of students showed gains in confidence, coping and persistence

On average, 20k mentee/mentor pairs connect three or more times a quarter

Matched students were 6% more likely to be retained than their non-matched peers

~60% Completion rate

Frontline workers using Pathsream saw a $25k average salary increase

944k+ Hours of training completed

~97k CEU credits and 400+ industry certifications obtained

~6,000 Impact origination loans disbursed

2x ROI on program costs and 92% of loans current on payments 21

SCALABILITY ~63% of EIF portfolio companies1 maintained or improved key economic efficiency metrics while sustaining or increasing their impact on learners and workers Select Drivers of Scalable Impact

Improved configuration cost and cheaper delivery of hardware

Improved user experience to facilitate membership renewals

Reduced platform hosting costs

Optimized delivery costs by redesigning the frontline experience

Aligned resources to most critical objectives

Increased gross margins by 9% while expanding access to APDS tablets

LTV:CAC ratio improved by 23% while sustaining the percentage of users who increased quality of life

Maintained high gross margins while expanding coverage of mental health shortage areas

Increased gross margins by 14% while maintaining $25k average wage uplift

Improved burn multiple by ~2x while improving test results 3–5x the national average of other test prep solutions

(1) Companies that reported 2022 impact metrics

22

IMPACT CASE STUDIES

2022 IMPACT REPORT 23

IMPACT CASE STUDIES Partnering with AWS to improve employment outcomes for incarcerated learners Testimonials

Challenge Incarcerated individuals struggle to get the training and skills that will lead to high-quality employment once they are released and empower them to successfully navigate the challenges of reentry. When these individuals receive quality employment, they are 36% less likely to recidivate within three years of release.1 While AWS is committed to investing significant resources to provide free cloud computing training to justice-impacted individuals throughout the country,2 it requires deep partnerships to deploy the certification classes across jurisdictions.

“I’d never done anything with a computer besides video games, typing papers in college and downloading music on an iPad…. Receiving the AWS Cloud Certification means the most to me because it will open a new chapter in life that I would never have thought was possible.”

—APDS Student in DC Department of Corrections

Solution

APDS partnered with AWS to provide access to the cloud skills training and cloud certification exam preparation material through the tablets they’ve deployed across 21 jurisdictions. In addition to program access, incarcerated learners were supported with job-readiness training and online mock interviews.

(1) Prison2ec.org: “Facts-Prison to Employment Connection” (2021); (2) Amazon.com: “This AWS Cloud Certification Program Opens New Paths for Inmates” (2022)

Results

85%

Of participants who passed and received their AWS Cloud Certification

20

States identified for expansion of AWS certification program

24

IMPACT CASE STUDIES Helping Florida Atlantic University (FAU) launch a peer support network to increase retention for first-generation, minority students1 Testimonials

Challenge Connecting students to relevant peers is an important initiative at FAU, as the institution recognized that certain populations (first-gen, commuter and male) were less engaged and therefore less likely to persist from fall to spring.

However, FAU lacks the capacity to manually match 1,000+ students and the technology to account for aspects of identity, affinity and life experiences.

“Being able to track trends in participation, engagement, conversation topics and flags during the year helps us understand the issues our students face and provide support as necessary to the mentors and the mentees. The realtime tracking allows us to make shifts throughout the year to adapt the mentoring experience to the realities of the student experience.”

—Director of Student Affairs Assessment & Reach

Solution

FAU partnered with Mentor Collective to create a larger-scale peer support network to ensure that first-year and transfer students had the incentive to get involved and utilize campus resources beyond orientation. This enabled FAU to engage and support students who often fall below the radar of institutional analysis and advising but regularly face psychosocial and academic barriers in isolation that lead to attrition.

(1) Mentor Collective: “Florida Atlantic University Increases Retention for Commuting Students & Men of Color” case study (2023)

Results 1.4k

First-generation students participated and logged approximately 7,000 conversations with mentors

535

Insights shared to help administrators direct students to appropriate resources

+4%

First-gen, minority students were 4% more likely to be retained than their non-matched peers

25

IMPACT CASE STUDIES Increasing college and career success for diverse college students by augmenting UBS’s virtual talent accelerator Testimonials

Challenge UBS believes that different backgrounds and perspectives will pay dividends for the company and accelerate growth while also impacting career outcomes for diverse students. While racial diversity has improved in recent years, there is still a large gap between the percentage of white and BIPOC workers in the financial services industry.1

“We mapped a plan for my mentee to accomplish her career goals. I can see her confidence increasing, and I feel very valued for the impact that I am making.”

—UBS Mentor

Solution UBS partnered with Mentor Spaces to empower mentors to engage with the Tomorrow’s Talent program2 by facilitating efficient scheduling and establishing profiles to support matchmaking. After launching a series of company learning events on the platform and hosting information sessions about the program, Mentor Spaces helped match candidates across their university and nonprofit partners based on their interests in certain roles and departments, as well as their goals for the experience.

(1) Statista Research: Racial Diversity at the Largest U.S. Banks—Statistics & Facts; (2) For more information, explore UBS Tomorrow’s Talent Program

Results 120

Number of underrepresented mentees participating in UBS’s Tomorrow’s Talent program who were supported by 46 UBS mentors

85%

Of mentees said the program enhanced their leadership skills

84%

Of mentees who expressed interested in applying for a position

26

IMPACT CASE STUDIES Partnering with Pinnacle Treatment Centers to unlock a new pool of pre-licensed therapists Testimonials

Challenge Pinnacle Treatment Centers experienced a dramatic change in its workforce during the pandemic. As more therapists left the workforce, it became more difficult to fill job vacancies. Simultaneously, the number of people seeking help for addictions doubled. To recruit and retain workers, Pinnacle needed to improve the value proposition it provided to therapists, with many turning down job offers because they lacked an offering for clinical supervision to open a pathway to advanced licensure.

“In the past, we’ve had to turn people away or had candidates reject our offers because we weren’t able to provide them with a stipend or provide supervision directly. So has Motivo helped with that? Yes. 100%.”

—Director of Talent Acquisition, Pinnacle Treatment Centers

Solution Pinnacle partnered with Motivo to fill the need for supervisors, which helped improve the employee experience and providing access to pre-credentialed counselors. Motivo provided a solution that aligned with the various types of licensures needed in a cost-effective and flexible way that allowed Pinnacle to scale counselor support across the company. In doing so, Pinnacle was able to address the churn in the workforce by targeting an entirely new source of counselors, ultimately removing patients from waiting lists.

Results 90%

Of open counselor positions were filled within less than a year, driven by an 8% reduction in vacancies

-21%

Reduction in the time from posting position to new hire start date

+8%

Increase in voluntary retention

27

PORTFOLIO PROFILES

2022 IMPACT REPORT 28

PORTFOLIO PROFILES Impact Thesis

Harris Ferrell CEO

Arti Finn Co-Founder & Chief Strategy Officer

Headquarters

New York, NY

Theme

Revolutionizing Skill Development

Stage

Series C

Vision

Prepare 100,000 justice-impacted individuals to secure a living-wage job post-incarceration by 2025

Problem

Over 600,000 people transition from prison to society each year,1 but many lack the requisite education and training that would address the high unemployment rates faced by these individuals and drastically reduce their likelihood of recidivism.2

Approach

APDS’s platform provides justice-impacted individuals with the tools and education resources necessary for building career readiness skills that will support successful reentry and position them for high-quality employment opportunities.

Alignment

APDS is a public benefit corporation (PBC) and certified B-Corporation based on a philosophy that never charges incarcerated individuals or their friends and families for its technology or services.

Impact

~27k

139

62

78%

Incarcerated learners with access to APDS programming

Prison facilities using APDS across 21 jurisdictions

Facility Net Promoter Score (NPS)

Average percentage of APDS users who continue to engage with programming after receiving tablet

Data for FY22. (1) Office of the Assistant Secretary for Planning and Evaluation (ASPE); (2) Prison Policy Initiative: “Getting Back on Course: Educational Exclusion and Attainment among Formerly Incarcerated People” (2018)

29

PORTFOLIO PROFILES Impact Thesis

Martin Claure Founder & CEO

Headquarters

Coral Gables, FL

Theme

Revolutionizing Skill Development

Stage

Series A

Vision

Unlock the Hispanic community’s potential, and turn their interests into income by helping them start a new business or career

Problem

Over the next decade, the Hispanic community will grow to represent 21% of the workforce. However, this community is overrepresented in industries susceptible to technological disruption and therefore needs better access to skills and training that will meaningfully change their economic mobility.1

Approach

Aprende provides access to affordable entrepreneurial, vocational and educational programs that address the unique needs of the Hispanic workforce.

Alignment

Aprende’s diplomados and platform are intentionally designed with the learner’s experience in mind, ensuring the highest likelihood of completing their courses and achieving their personal learning objectives. Learner success will lead to higher rates of repeat purchases and referrals.

Impact

40k

73%

92%

39%

Active enrollments across Aprende diplomados

Of learners enrolled to start a business or develop their career2

Of learners increased quality of life

Of users generated additional income

(150k cumulative enrollment to date)

Data for FY22. (1) Research from the Aspen Institute: Building the Infrastructure of Opportunity for American Latinos; The Aspen Institute: “Pathways to Digital Skills Development for Latino Workers” (2022); (2) Refers to the 35+ programs Aprende’s learners have access to and can receive a digital certificate for

30

PORTFOLIO PROFILES Impact Thesis

Helen Adeosun Founder & CEO

Headquarters

Boston, MA

Theme

Revolutionizing Skill Development

Stage

Series B

Vision

Improve the future of quality healthcare by increasing access to well-trained and compassionate caregivers for elderly Americans

Problem

While the government and healthcare systems try to redesign treatment and rein in costs through expanding in-home care delivery, this critical workforce experiences high turnover rates since caregivers lack the training to overcome the barriers to remaining in these roles long term.1

Approach

CareAcademy provides scalable, mobile-first online training and credentialing to help agencies prepare caregivers for the unique needs of their patients. This helps establish confident and engaged workers who are motivated to grow in their healthcare career.

Alignment

CareAcademy enables workers to upskill over time, promoting career growth for workers while also improving its customers’ and caregiver employers’ abilities to grow their businesses.

Impact

421k+

2k+

900k+

93%

Caregivers served

Agency clients

Certificates issued

Completion rate

Data for FY22. (1) Wall Street Journal: “Caregiver Turnover Strains Households” (2023)

31

PORTFOLIO PROFILES Impact Thesis

Mohannad Arbaji Founder & CEO

Headquarters

Brooklyn, NY

Theme

Unlocking Equitable Pathways

Stage

Seed

Vision

Help every district provide personalized education to their most vulnerable learners in order to drastically improve graduation and matriculation rates

Problem

The pandemic revealed a need for meeting students where they are and empowering teachers to address various levels of academic achievement and manage the social-emotional dynamics in the classroom in order to ensure that all student succeed and graduate.1

Approach

ChalkTalk streamlines the process of identifying student baselines and structuring customized lesson plans and interventions to help improve all students’ math and ELA achievement.

Alignment

ChalkTalk’s platform is designed to help teachers achieve a higher return on instruction and, in doing so, provide personalized learning to drive success for all students and help districts reach their literacy and numeracy objectives. Creating this win-win-win outcome should also drive financial success for ChalkTalk over time.

Impact

95k

360

2.4x

Active students served in 2022

Active schools served across 17 states

Average ACT/SAT score improvement2

(50% of whom are Tier 2/Tier 3 MTSS students)

Data for FY22. (1) EducationWeek: “The Right MTSS Platform Should Empower Educators” (2023); (2) ChalkTalk Global Impact Study

32

PORTFOLIO PROFILES Impact Thesis

Lukas Simianer Co-Founder & CEO

Tom Jackson Co-Founder & COO

Headquarters

Austin, TX

Theme

Revolutionizing Skill Development

Stage

Seed

Vision

Remove the barriers between the blind and visually impaired (B/VI) learners and the modern workforce by creating pathways to employment that improve their economic mobility

Problem

The U.S. B/VI worker population is subject to high unemployment rates and large wage gaps compared to the overall disabled workforce1 due to a lack of workforce training that provides the skills necessary to access high-quality employment.

Approach

Clusiv’s platform provides accessible job readiness and vocational training for the B/VI worker population. As the company grows, it will leverage its expertise in accessibility to become the go-to learning management system across the vocational rehab landscape.

Alignment

Clusiv’s platform is specifically designed to address the digital challenges B/VI workers face when navigating learning environments and obtaining skills, which helps Clusiv serve an untapped workforce and position them as a leader in improving employment outcomes for B/VI workers.

Impact

10

95%

92

States under contract

Completion rate across all enrollees

Learner NPS

(vendorized)

Data as of 3/31/23. (1) Research from the American Foundation for the Blind

33

PORTFOLIO PROFILES Impact Thesis

Mallory Dwinal-Palisch Founder & CEO

Headquarters

Nashville, TN

Theme

Unlocking Equitable Pathways

Stage

Seed

Vision

Enhance the impact of apprenticeship models by providing a data infrastructure that can power 10 million apprenticeship degrees in the United States

Problem

Employers are turning to apprenticeship degrees to address vacancies and establish strong talent pipelines, but despite the amount of federal funding available, they lack the data resources to overcome the administrative challenges of scaling these programs.1

Approach

Craft helps employers manage the myriad of data points necessary to access WIOA funding and launch apprenticeship programs. Craft also leverages this data to support state-level labor strategies.

Alignment

As a co-founder of leading teaching apprenticeship provider, Reach University, CEO Mallory DwinalPalisch recognized data analytics and reporting as an inhibitor to scaling apprenticeships. Craft’s software will provide momentum for apprenticeship programs and help dramatically reduce the cost of obtaining credentials for all apprentices.

Impact

2k

312

33%

95%

168

Apprentices served

Districts and CMOs supported

Of current apprentices identify as BIPOC

Of current apprentices identify as women

Days of administrative time saved

Data as of 3/31/23. (1) Research from the Aspen Institute: “Scaling Apprenticeship to Increase Human Capital” (2019)

34

PORTFOLIO PROFILES Impact Thesis

Katie Dorn Co-Founder & CEO

Abby Master Co-Founder & Chief Student Engagement and Product Officer

Headquarters

Excelsior, MN

Theme

Removing Barriers to Completion

Stage

Seed

Vision

Help millions of students transform from anxiety and doubt to more self-directed and confident human beings who can thrive and succeed

Problem

Over the last several years, the number of adolescent learners experiencing mental health challenges has continued to rise.1 This issue persists as they continue to colleges, with more than 60% of college students meeting the criteria for a mental health problem.2 However, there is a lack of resources and staff to address these issues.3

Approach

EmpowerU’s programming consists of daily online lessons that map to the MTSS tiers, coupled with short-form, 1:1 daily and weekly coaching sessions led by licensed therapists.

Alignment

EmpowerU’s platform is built on the founders’ combined 20+ years as practicing therapists and clinicians. It is centered on personalization for students and a cost-effective therapy model that helps schools serve more students per therapist and maximize their spend on mental health and SEL programs.

Impact

25k

84%

95%

95%

Students with access to EmpowerU curricula

Completion rate of EmpowerU programs

Of students showed significant goal progress

Of students showed gains in confidence, coping and persistence

Data for FY22. (1) Annie E. Casey Foundation: “National, State-by-State Data Show Depth of Mental Health Pandemic for Youth” (2022); (2) American Psychological Association: Student mental health is in crisis. Campuses are rethinking their approach (2022); (3) K-12 Dive: “Educators Say They Lack Resources to Address Worsening Mental Health Crisis” (2023)

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PORTFOLIO PROFILES Impact Thesis

Doug Donovan CEO

Headquarters

Austin, TX

Theme

Revolutionizing Skill Development

Stage

Series C

Vision

Increase the pool of skilled trades workers and improve their economic mobility by dramatically reducing the time to mastery of in-demand skills that lead to high-quality employment

Problem

The skilled trades industry faces a persistent shortage of workers driven by an aging workforce and lack of interest among younger generations.1

Approach

Interplay Learning provides on-demand, immersive learning environments with an extensive catalog that helps employers and workforce development organizations train and upskill trades workers, as well as provides access to digital offerings that help vocational schools attract younger generations and individual learners gain the skills needed to enter an industry.

Alignment

Interplay Learning’s authoring tool enables it to develop low-cost simulations that provide a costeffective training platform for its customers, helping them scale training programs and increase access to more workers and learners over time. Interplay Learning pairs these simulations with an AI coach and other mentorship supports to ensure learners complete training, ensuring its partners and the individual learners realize their goals and see a return on their investment.

Impact

~60k

~1.7k

944k+

~97k

400+

Skilled trades learners served

Employer, workforce development and training institution partners

Training hours completed

Continuing education credits obtained

Industry certificates obtained

Data for FY22. (1) NPR: “The Skilled Trades Haven’t Caught as a Career Choice with Gen Z” (2023)

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PORTFOLIO PROFILES Impact Thesis

Andrew Magliozzi CEO

Headquarters

Boston, MA

Theme

Removing Barriers to Completion

Stage

Series B

Vision

Drive $1 trillion in economic mobility through college completion and career advancement

Problem

Low-income, minority and first-gen students are the most susceptible to summer melt due to a lack of support when navigating the administrative and financial obstacles to enroll in college and remain enrolled throughout their college careers.1

Approach

Mainstay makes it easy for colleges to start and measure meaningful conversations that drive action at scale and ultimately improve student outcomes through an AI-powered educational messaging platform.

Alignment

Mainstay ensures that its higher education partners are equipped with the tools such as best-practice calendars to successfully increase student engagement. The calendars ensure institutions see a return on their investment in the platform, as increased chatbot engagement continues to show a positive impact on matriculation and retention.

Impact 4.9M+

41%

-10%

+3%

Students with access to Mainstay

Of students received Pell Grants

Decrease in likelihood of withdrawal for non-payment

Increase in course registration YoY

Data for FY22. (1) University of South Florida: “Top Tips for College Counselors on Beating Summer Melt” (2022)

37

PORTFOLIO PROFILES Impact Thesis

Jackson Boyar Co-Founder & CEO

James Lu Morrissey Co-Founder & President

Headquarters

Boston, MA

Theme

Removing Barriers to Completion

Stage

Series A

Vision

Leverage the power of peer-to-peer engagement to close the equity gap and increase the number of low-income students graduating from college

Problem

Research continues to show that minority students are less likely to complete their degree1 due to a lower sense of belonging2 driven by limited mental health support and a lack of preparation.3 That makes it difficult for these students to persist and complete their degree.

Approach

Mentor Collective facilitates large-scale, multi-pronged peer and mentor engagements throughout students' college careers that provide unique insights into how to support students and direct them to the right campus resources to ensure a greater sense of belonging.

Alignment

Paired with institution-specific program design support, Mentor Collective’s platform allows universities to reach all students, particularly those most vulnerable to drop out or leave, helping improve enrollment and retention strategies.

Impact

170k

~30k

2k+

+6%

~5k

Mentees matched

First-gen students matched

Higher ed partners

Increased likelihood of retention

Insight flags communicated to administrators

(for matched students compared to non-matched peers)

Data for FY22. (1) National Student Clearinghouse: “Completing College National and State Reports” (2022); (2) MIT Teaching + Learning Lab: “Students’ Sense of Belonging Matters: Evidence from Three Studies” (2023); (3) Gallup Research: “The State of Higher Education” (2023)

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PORTFOLIO PROFILES Impact Thesis

Chris Motley Founder & CEO

Headquarters

Denver, CO

Theme

Fueling Career Success

Stage

Seed

Vision

Leverage the power of conversations to remove barriers to knowledge and resources that increase the social capital for students of color and improve employment outcomes

Problem

Research shows that a vast majority of jobs are filled through networking,1 but diverse and low-income learners lack access to the relationships and knowledge necessary to obtain high-quality employment and feel confident on the job.2

Approach

Mentor Spaces facilitates conversations of students of color and early career professionals with mentors of similar backgrounds employed at notable corporate partners, helping students identify evergreen career opportunities.

Alignment

Mentor Spaces builds strong partnerships with HBCUs, MSIs and other nonprofit organizations that specifically support students of color, supplying employers with a diverse pipeline and better line of sight to a return on their diversity recruiting efforts.

Impact

7k+

78%

1k

224%

85%

Mentees served

Of mentees identify as BIPOC

Mentor sessions completed, group and 1:1

YoY increase in evergreen career opportunities available to mentees

Of mentees rate an 80% or higher satisfaction level

Data for FY22. (1) Fast Company: “Why the ‘Talent Shortage’ is Really a Shortage of Social Capital” (2023); (2) Times Higher Education: “If We Truly Want a Level Playing Field, We Must Focus on Social Capital” (2022)

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PORTFOLIO PROFILES Impact Thesis

Chris Keaveney Founder & CEO

Headquarters

Frisco, TX

Theme

Unlocking Equitable Pathways

Stage

Series C

Vision

Reduce the U.S. skills gap and unlock the potential of underserved learners through access to affordable financing

Problem

Only half of the labor force has access to the training programs needed to address the persistent skills gaps in the economy,1 and the cost of postsecondary education and workforce training programs is a considerable barrier to matriculation and completion for underrepresented learners.

Approach

Meritize leverages a holistic credit evaluation that includes past academic or military achievements to increase access to financing for skills-based training programs.

Alignment

Meritize targets learners and educational institutions that traditional lenders such as Sallie Mae won’t serve based on the length of the program or their cosigner requirements. Meritize also looks to partner with institutions with high graduation and completion rates, delivering an attractive ROI for their underserved learners and helping improve loan performance.

Impact

8k+

754

66%

~2x

Loans disbursed

Education partners

Of loans disbursed that classify as impact originations2

Average program ROI3

Data for FY22. (1) World Economic Forum: “The Future of Jobs” report (2023); (2) Defined as originations to i) borrowers in impact areas, as defined at the Census tract level by the Census Bureau, ii) borrowers in majority-minority tracts (MMTs), specifically for African American MMTs and Hispanic MMTs, or iii) borrowers whose expected starting income is below 80% of the median family income of the associated Census tract; (3) Based on the expected starting salary by industry

40

PORTFOLIO PROFILES Impact Thesis Vision

Solve the shortage of mental health therapists in the United States

Problem

Roughly 50% of the U.S. population lives within a mental health workforce shortage area. As a result, nearly 60% of practitioners serving patients with anxiety and depression no longer have openings for new patients.1 Many would-be providers never become licensed due to onerous and costly supervision rules.

Mike Chen CTO & Co-Founder

Approach

Motivo makes it easy for pre-licensed therapists and counselors to get access to clinical supervisors, helping them complete the supervision hours necessary to obtain a license.

Headquarters

Atlanta, GA

Theme

Removing Barriers to Completion

Alignment

Stage

Seed

By facilitating virtual supervision, Motivo expands the reach of clinical supervisors and enables them to serve therapists living in mental health shortage areas for a fraction of the cost and time it would take through traditional methods, incentivizing more agencies and therapists to utilize the platform.

Rachel McCrickard CEO & Co-Founder

Impact

470+

2k+

~81%

-25%

-50%

Active supervisors

Therapists supported

Of supervision hours booked in mental health shortage area

Reduction in time to completion

Average reduction in supervision costs

Data for FY22. (1) American Psychological Association: “Increased Need for Mental Health Care Strains Capacity” (2022)

41

PORTFOLIO PROFILES Impact Thesis

Brad Voeller Founder & CEO

Headquarters

San Antonio, TX

Theme

Fueling Career Success

Stage

Seed

Vision

Launch the first-ever tech employer consortium that hires apprentices on behalf of its members

Problem

Women and people of color make up a very small portion of the U.S. tech labor force.1 Despite an increased focus and investment in diversity initiatives,2 companies struggle to find the diverse talent to fill these gaps as these learners and workers matriculate and complete STEM degrees at a much lower rate.3

Approach

NEW Apprenticeship provides pre-apprenticeship training and ongoing student support to reduce the barriers for learners seeking to enter the tech labor force.

Alignment

NEW Apprenticeship’s pre-apprenticeship training ensures all learners get the necessary preparation to be successful during the apprenticeship program, empowering underrepresented and low-income learners to complete apprenticeship programs, unlocking Workforce Innovation and Opportunity Act (WIOA) funding for these learners and helping employers realize a return on their talent investments.

Impact

850+

75%

44%

Learners served across the pre-apprenticeship and apprenticeship programs

Of learners identify as underrepresented in tech

Of learners have a household income of $16k or less

Data for FY22. (1) Zippia Research; (2) BetterUp.com: “Diversity in Tech: Closing the Gap in the Modern Industry” (2021); (3) Wiley Research: “Diversity in Tech U.S.” report (2021)

42

PORTFOLIO PROFILES Impact Thesis

Eleanor Cooper Founder & CEO

Headquarters

San Francisco, CA

Theme

Fueling Career Success

Stage

Series A

Vision

Provide access to career advancement opportunities that result in significant wage uplift for the U.S. frontline workforce

Problem

Employers are struggling to retain their frontline workers, largely due to an inability to provide career advancement opportunities and the requisite skill development to ensure these workers have a pathway to long-term career success.1

Approach

Pathstream’s platform provides employer-specific career mobility pathways that address the unique needs of the frontline workforce, helping workers set clear goals for career development and target a set of skills that will ultimately lead to significant wage uplift.

Alignment

Pathstream has designed a product that helps employers create unique programs based on their workforce’s goals and the related skills gaps within the organization, increasing visibility into their internal pipelines and helping them provide the support and mentorship frontline workers need to complete programs that directly lead to advancement opportunities that improve retention, reducing the high cost of turnover.

Impact

23k+

70%

61%

$25k

98%

Frontline workers served

Of workers identify as BIPOC

Of workers with less than a bachelor’s degree

Average salary increase

Of workers hit their career success goals

Data for FY22. (1) McKinsey & Comapny: “Bridging the Advancement Gap: What Frontline Employees Want—and What Employers Think They Want” (2022)

43

PORTFOLIO PROFILES Impact Thesis

Sabih Bin Wasi Co-Founder & CEO

Rukhsar Neyaz Co-Founder & COO

Headquarters

San Francisco, CA

Theme

Removing Barriers to Completion

Stage

Series A

Vision

Empower all students to make informed decisions throughout their learning journeys and equip them with the tools to unlock their full potential and have the best possible experiences and outcomes

Problem

Across the higher education landscape, attempts to improve college completion rates have stalled, with research showing that students are earning roughly 75% of the credits they need each semester to remain on track for graduation.1

Approach

Stellic’s degree management platform empowers students to choose the best-fit courses and create an optimal plan for graduation, allowing advisors more bandwidth for deeper student support at scale.

Alignment

Stellic’s platform provides key insights into course and faculty demand. This allows administrators to optimize their resources based on the needs of all learners and proactively identify potential bottlenecks to student success, leading to an attractive ROI on their enrollment and retention strategies.

Impact

1.7M+

13M+

55

86

Student decisions supported

Course explorations supported

Higher ed institutions served

Product NPS

Data for FY22. (1) National Clearinghouse Research: Postsecondary Data Partnership Insights

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