Sam Altman has joined other Silicon Valley heavy-weights to invest in a for-profit community college.
Campus raised $46 million in a deal led by venture capital firm General Catalyst that included investors such as Altman and Founders Fund, Bloomberg reported. The company closed the round in December, Campus confirmed with Quartz. So far, Campus has reportedly raised a total of $101 million.
Campus offers two-year degrees and certifications, and says it currently has about 1,200 enrolled students.
“Everyone should be able to learn useful skills from the best professors in the country without going into debt,” Campus founder Tade Oyerinde said in a statement to Quartz. “If we can do that at scale, we can set millions of people up to have awesome careers and great lives in this country.”
Students can transfer and earn a bachelor’s degree at a four-year college after finishing at Campus. The college is accredited by an institution that is recognized by the U.S. Department of Education (the Accrediting Commission for Community and Junior Colleges), according to the company’s website. Tuition for online programs is $7,200 per year, and students are eligible for federal financial aid such as the Pell Grant.
As of 2023, public community college costs around $3,860 per year in the U.S. before financial aid, according to the non-profit College Board.
Associates degrees at Campus include business administration and paralegal studies, and students can get certificates in areas such as medical assisting and phlebotomy. According to Campus, the graduation rate for full-time, first-time students is 68%.
The company says it covers tech such as laptops and wireless hotspot devices for students who need them, and matches everyone with a “personal success coach” for advising. Professors include those who teach at universities such as Stanford University and Howard University.
Oyerinde said the funding will go toward hiring employees for student-facing roles, and for building the platform as Campus scales.
Before Campus, Oyerinde founded Campuswire, which develops online learning software such as chatrooms for professors and students.