New Markets Venture Partners: Impact-Driven EdTech & Workforce Investing
Investment Thesis
New Markets Venture Partners is a pioneering, growth-stage impact investor focused exclusively on education and workforce technology companies that drive measurable social impact alongside superior financial returns. Founded in 2003 by Robb Doub and Mark Grovic, NMVP operates on the philosophy that "Invest. Serve. Grow." – demonstrating over 20 years of outperformance in the edtech and workforce sectors. The fund believes that visionary entrepreneurs building evidence-based, mission-driven solutions can simultaneously address critical gaps in education and employment while delivering market-rate returns to investors. Their theory of change emphasizes that positive social impact can drive superior risk-adjusted returns, positioning them as a unique double-bottom-line investor.
Sector & Market Focus
New Markets invests exclusively in transformative education and workforce technology companies addressing critical gaps in American economic mobility. Their focus areas include:
21st Century Skills: Critical thinking, creativity, problem-solving, collaboration, communication, global citizenship, and technology literacy through innovative platforms and tools.
Workforce Preparation & Alternative Pathways: Programs and services helping individuals acquire academic, digital, and self-management skills for successful transition to postsecondary education, training, or employment. They specifically support alternative pathways beyond traditional educational routes.
Future of Work: Companies addressing how work is done, who does the work, and where/when work happens through tools, training platforms, and labor market solutions.
Impact Focus: Mission-driven companies explicitly removing obstacles and improving pathways to prosperity for majority-need Americans, especially those most at risk – low-income, minority, and underserved workers and students.
The firm maintains deep relationships with state and district education departments, universities, large employers, co-investors, and workforce organizations that enable exceptional value-add capabilities.
Stage & Check Size Preferences
Primary Stage Focus: Series A and beyond (growth-stage)
- Invest when companies demonstrate clear product/market fit
- Generally target companies with $2M+ in revenue
- Willing to meet Pre-Series A founders to build relationships before formal fundraising
Check Size Range: $100K - $5M
- Typical Series A investments appear in the $2-5M range based on portfolio activity
- Demonstrated capacity and willingness for follow-on investments
Investment Philosophy: New Markets invests at scale, as evidenced by their 47 current and realized investments representing $3.3B in total enterprise value. They expect portfolio companies to succeed and commit significant operational support to ensure that outcome.
Lead Tendency & Co-Investment Patterns
Lead Investor: Strong lead tendency evidenced by board seats and active portfolio oversight across their extensive network of 47+ portfolio companies.
Co-Investment Relationships: Active collaborators with strategic foundations, non-profit organizations, governmental entities, and corporations. They leverage their extensive network of 30+ industry advisors and thought leaders for deal flow, insights, and portfolio value-add.
Recent Activity (2025): FamilyWell Health (November 2025), Knack Series B leadership
Fund Status & Track Record
Current Fund: Actively deploying with strong recent activity through 2025
- Latest investment: October-November 2025
- Publishing regular market insights and news roundups
- Actively engaging in new portfolio investments and supporting existing companies
Historical Track Record:
- 47 total investments (current and realized)
- 27 realizations/exits
- $3.3B enterprise value created
- 75M lives improved through portfolio impact
Portfolio Highlights
Notable Recent Investments (2025):
- FamilyWell Health (November 2025) - mental health and family wellness
- Knack (Series B, October 2025) - skills-based hiring platform
Notable Portfolio Companies:
- Credly - Digital credentialing platform
- Graduation Alliance - Workforce readiness
- App Academy - Coding bootcamp
- Signal Vine - Student engagement platform
- Motimatic - Student motivation
- CreatorUp - Creator economy education
- Orijin - Alternative education pathways
- Regent Education - Education services
- Knack - Skills-based hiring
- Mantra Health - Mental health services
- Pathstream - Career development
- Climb Credit - Financial literacy
- Beanstack - Library engagement
- Better Lesson - Teacher development
- Coding Temple - Coding bootcamp
- Mursion - Virtual human technology
- Censia - Workforce analytics
- K2 Intelligence - Compliance solutions
Notable Exits:
- Kickboard (acquired by PowerSchool)
- LearnPlatform (acquired by Instructure)
- PresenceLearning (acquired by TPG Rise/Spectrum Equity)
- Think Through Learning (acquired by Imagine Learning)
- Fishtree (acquired by Follett)
- Galvanize (acquired by LRN)
Team & Decision-Making
Co-Founders:
- Robb Doub: 30+ years venture investing, led SEAF emerging market fund, Calvert Group socially responsible investing background
- Mark Grovic: 30+ years venture investing, teaches ethics and private equity at University of Maryland, extensive entrepreneurship education background
Investment Team: Juan Zavala (Partner, CFA/CAIA), Sneha Kasuganti (Principal, CFA), Mark Chernis (Operating Partner), Becky Spezzano (VP Finance & Operations)
Advisory Board: 30+ thought leaders in education and workforce sectors
Decision Process: Partnership-based with extensive board engagement and operational oversight. Practices "servant leadership" with significant value-add before, during, and after investment.
Investment Criteria
New Markets evaluates opportunities through rigorous lens:
- Product/Market Fit with proven traction
- Scalable Growth with high margins and experienced leadership
- Impact Focus with mission-driven, evidence-based solutions
- Efficacy Requirement with measured impact demonstration
- Capital Efficiency optimized for sustainability
Founder & Company Preferences
Founder Profile: Mission-driven entrepreneurs with deep domain expertise in education or workforce sectors. Supports underrepresented founders seeking to create social mobility.
Company Characteristics: Evidence-based solutions with proven efficacy addressing real gaps between education and employment, particularly for underserved populations.
Support Philosophy: Unique commitment to success with frank advice paired with unwavering commitment. Founder testimonials emphasize partnership approach and willingness to support companies through challenges.
Geographic & Institutional Context
Headquarters: Fulton, Maryland
Coverage: US-focused with particular strength in federal workforce development, state education agency relationships, and district partnerships. Network includes access to state education departments, federal workforce agencies, and major employers.
Institutional Relationships: Strategic partnerships with impact-focused foundations, non-profits, government entities, and corporations.