District education startup Quad Learning Inc. could be best be described in two ways.
The first was that it was a great idea, connecting students to two-year schools and getting them into four-year colleges and universities though mentoring and content. The second? That it was simultaneously a hard way to make money, according to LeRoy Pingho, the last CEO to lead the startup before its acquisition by Wellspring International Education at the end of October.
It was a less than stellar end for a startup that launched with much fanfare in 2012, including $11 million from venture giant New Enterprise Associates Inc. and originally led by former Novak Biddle General Partner Phil Bronner.
But Pingho, a former Fannie Mae exec who has led turnaround efforts at a number of companies, pushed back on rumors the startup was simply out of money. His recent pivot to the recruitment of international students, a more lucrative area, had the company on the path to break even, and that was when the…Read the full story from the Washington Business Journal.