Detroit Venture Partners has invested $500,000 in Ginkgotree, a cash infusion that helped convince the Ann Arbor-based startup to move into the M@dison Building in downtown Detroit this summer.
Ginkgotree creates a software platform that allows professors to create a more affordable digital curriculum. It recently closed on a Series AA worth $750,000, which was led by
Detroit Venture Partners' half-million-dollar investment. The investment also came with an invitation to move into the entrepreneurial tech hub it anchors in downtown Detroit.
"It wasn't required but (moving to the M@dison) is something we felt was best for the company," says Scott Hasbrouck, CEO of Ginkgotree. He adds that he likes the dynamic entrepreneurial atmosphere in the M@dison and the one-on-one mentoring that is easily accessible.
That investment also allowed the 2-year-old startup to go from a team of four people to a staff of six employees and a few summer interns. More hires could also be in the offering soon.
Ginkgotree's software gives professors access to copyrighted material and other open-educational resources so they can put together an all-digital curriculum. The idea is to make the educational material more accessible and cost-effective than the current model, which can cost thousands over a few years. The startup has recently launched a couple of strategic partnerships and is in talks to have its software be used by hundreds of universities across the U.S.
We want to have pilots in many more universities (within the next year)," Hasbrouck says.
Source: Scott Hasbrouck, CEO of Ginkgotree
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
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