New Markets Venture Partners
About New Markets Venture Partners
New Markets Venture Partners (NMVP) is a prominent venture capital firm based in Fulton, Maryland, specializing in the education and workforce technology sectors. Founded in 2002, NMVP is recognized as one of the longest-running dedicated edtech venture capital funds in the U.S. The firm operates with a "double-bottom-line" investment philosophy, aiming for both strong financial returns and measurable social impact, particularly for underserved populations. NMVP manages a diverse portfolio of 67 companies, generating over $3.3 billion in shareholder value.
NMVP focuses on growth-stage compani
New Markets Venture Partners describes itself as founded in 2002, though PitchBook and LinkedIn list 2003. Mark Grovic and Robb Doub are named as co-founders and general partners, with Donald Spero also listed as a co-founder and Jason Palmer as a general partner. Caplight lists Mark Chernis as an operating partner. Its fifth fund, New Markets Education Partners III, LP, closed above $160 million and was announced in February 2023. The prior education fund, New Markets Education Partners II, closed at $68 million in April 2018, with backers that included ACT, Lumina Foundation and Strada Education Network. Its office address is in Fulton, Maryland, while Crunchbase lists Washington, D.C.
The firm has no separately named AI fund in the sources reviewed. Its public materials describe a mandate centered on education and workforce technology. In a 2023 Forbes interview, co-founder Mark Grovic said machine learning and AI features marginally improve the efficacy of the solutions the firm backs. Its most clearly AI-focused public investment is Censia, a San Francisco talent intelligence platform. NMVP appears as an investor in Censia's 2024 Series B, and the firm reported screening about 750 deals over one year, performing diligence on 31 and investing in Censia. No partner is publicly identified as leading AI deals.
The firm's fund materials target Series A and Series B rounds, plus opportunistic recapitalizations, for companies with $2M to $50M in revenue that could reach $50M to $200M and profitability within three years. Third-party listings show a $100K to $5M check range at Series A and Series B. The firm has not published its own check range. In 2023 it said it leads syndicates on roughly 70 percent of its deals and typically contributes about $10 million to rounds of $20M to $40M.
- Censia: San Francisco AI-based talent intelligence platform for enterprise hiring and workforce planning; NMVP invested in its Series B in 2024, reported between $37M and $38M depending on the source.
- PowerSchool: K-12 education software provider whose offerings include AI-based solutions among its data and analytics tools; NMVP's position was exited through an acquisition in June 2024, per Tracxn.
- prnewswire.com/news-releases/new-markets-venture-partners-raises-over-
- newmarketsvp.com/new-markets-venture-partners-raises-over-160-million-
- marketbrief.edweek.org/financing-investment/venture-capital-firm-new-m
- edsurge.com/news/2018-05-16-new-markets-venture-partner-s-not-so-new-e
- forbes.com/sites/dereknewton/2023/02/27/new-market-venture-partners-la
- citybiz.co/article/656031/new-markets-venture-partners-poured-18-milli
- citybiz.co/article/381398/new-markets-venture-partners-join-2-1-millio
- pitchbook.com/profiles/investor/42155-83
Investing activity
New Markets Venture Partners is listed on Lounge as a venture capital investor based in Washington, District of Columbia, United States. The deals desk records Series A and later AI rounds and seeds over $10M, so smaller checks may not show here yet.
Deals
Frequently asked questions about New Markets Venture Partners
Who founded New Markets Venture Partners?
The firm was founded in 2002 by general partners Mark Grovic and Robb Doub, according to press coverage. Some databases list 2003 as the founding year.
How big is New Markets Venture Partners' latest fund?
Its latest announced fund, New Markets Education Partners III, LP, raised more than $160 million, announced in February 2023. Its previous education fund closed at $68 million in 2018.
Does New Markets Venture Partners invest in AI startups?
Yes, though AI is not its only focus. Its clearest public AI investment is Censia, an AI talent intelligence platform, and its stated mandate centers on education and workforce technology.
What stages and check sizes does NMVP invest in?
The firm targets Series A and Series B rounds. Third-party databases list checks from $100K to $5M, but the firm has not published its own check range.
Where is New Markets Venture Partners located?
The firm's office address is in Fulton, Maryland, and Crunchbase lists its location as Washington, D.C.
Where is New Markets Venture Partners based?
New Markets Venture Partners is based in Washington, District of Columbia, United States.
How can founders reach New Markets Venture Partners?
Founders on Lounge can see New Markets Venture Partners's contact details in AI Investor Contacts (paid plans), check for a warm introduction through members who worked with the firm under Warm Paths, and add New Markets Venture Partners to their Investor Pipeline to track the conversation.