RealTime IT News

UK Venture Capitalist Puts Money Into Mascot

UK venture capital company Arts Alliance is making a substantial investment in Mascot Network, the leading creator of college portals in the U.S.

Mascot Network will receive £750K ($1.2 million) in seed-round venture financing from a group of investors led by Arts Alliance.

Founded in 1998, Mascot Network provides universities with personalized Internet communications and content. It was the winner of a Harvard Business School business idea competition and has been working closely with Arts Alliance for over a year.

"With 15 million students and more than 4,000 colleges and universities in the U.S. alone, the available market for Mascot Network is enormous and untapped," said Victoria Hackett, partner in Arts Alliance.

Starting in the autumn, Mascot Network will provide colleges with a customised web-based service designed to improve student life by acting as an information exchange.

"Our goal is to be the start page on every student desktop, enabling college students worldwide to access the best utilities and content available for their locality and their demographic," said Jason Palmer, CEO of Mascot Network.

"Users of our network will be empowered by quick, easy access to the information and services they need to improve and enhance their everyday lives."

Mascot Network is based in Cambridge, Mass.