ConnectEDU follows Gates Foundation grant with Ch. 11 bankruptcy

Monday, May 5, 2014

Months after receiving a $500,000 grant from the Bill & Melinda Gates Foundation, Boston-based ed-tech startup ConnectEDU has filed for Chapter 11 bankruptcy protection, potentially leaving a Maryland ed-tech VC firm in the lurch to the tune of $1 million – and putting a project related to the nation's Common Core education standards on ice.

In its Monday filing, ConnectEDU cited its inability to pay debt owed to over 200 creditors. It estimated assets of $1 million to $10 million and liabilities between $10 million to $50 million.

Workers received letters Monday, notifying them they were to be terminated as of 3 p.m. that day.

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