Edovate Capital — Investment Thesis & Preferences

Edovate Capital Research

Investment Thesis

Edovate Capital partners with social entrepreneurs to scale companies solving education's hardest challenges. Founded by Graham Forman in 2015, the fund specializes in early-stage K12 EdTech companies that are capital-efficient and impact-focused. The firm believes that lasting education change requires long-term partnership and multiple funding pathways, and they provide aligned capital to maximize entrepreneurs' visions for impact.

Sector Focus

Edovate exclusively focuses on K12 education technology across multiple subsectors:

Learning & Literacy: Reading intervention platforms (BookNook), adaptive learning systems
School Operations: Attendance management (EveryDay Labs), teacher management tools
Digital Instruction: Interactive teaching platforms (Pear Deck - acquired by Go Guardian), classroom technology
Student Engagement: Coding education (Hello World), critical thinking tools (ThinkCerca)
School Management: Data analytics and operations tools (SchoolZilla, SchoolRunner)
Classroom Technology: Smart classroom management (SmartPass - acquired by Raptor Technologies)
Special Education & Support: Inclusive technology platforms

The fund explicitly focuses on companies whose products are loved by schools, teachers, and students, and they avoid B2C consumer education plays.

Stage Focus

Edovate specializes in early-stage investments:

Pre-Seed: $250K-$500K for teams with initial product validation
Seed: $500K-$2M for companies with early traction and school adoption
Series A: Selective participation in follow-ons for existing portfolio companies

They prefer to be an early investor and provide hands-on support alongside capital.

Check Size

Typical investment range: $500K - $2M

First checks typically in the $500K-$1.5M range
Average check size reflects focus on capital efficiency
Follow-on reserves available for successful portfolio companies

Recent Activity

Edovate has been consistently active in K12 EdTech investing:

As of October 2025, no new investments reported in 2025 (likely due to market conditions)
Most recent portfolio activity includes supporting existing companies through growth phases
Notable recent success: SmartPass acquisition by Raptor Technologies
Portfolio companies serving 30M+ students in K12, 2M+ educators, and 75K+ schools

The firm remains actively engaged with portfolio companies through advisory support and operational expertise, even during slower deployment periods.

Portfolio Highlights

Exits & Acquisitions:

Pear Deck (acquired by Go Guardian, 2023) - Interactive assessment and presentation platform
SmartPass (acquired by Raptor Technologies, 2024) - Classroom passes and hall management
Netchemia (acquired by People Admin/Vista Equity Partners, 2015) - Talent management for schools

Active & Growing:

BookNook - K3 reading intervention platform, helping close reading gaps
EveryDay Labs - School district attendance initiatives using behavioral science, reduced LAUSD absences by 12%
Swing Education - Online substitute teacher marketplace, raised $38M Series C
Curipod - Interactive presentations for teachers
ThinkCerca - Critical thinking and writing platform
CurvePoint - Student data analytics (with Reach Capital)
Hello World CS - Computer science education
Clay Lively - Special education support

Portfolio companies collectively serve a massive scale: 30M+ K12 students, 2M+ educators, and 75K+ schools across the United States and internationally.

Team

Graham Forman, Founder and Managing Director:

20+ years of experience in education, entrepreneurship, and investing
Former sales and business development leader at Netchemia, scaled to 2,400 school districts and 20,000 schools before Vista Equity Partners acquisition in 2015
Prior roles in education policy (U.S. Senator Paul Simon's office) and as startup operator in impact-focused SaaS companies
Deep K12 expertise and operational experience
Based in Denver with family

Ian Connell, Partner:

Key team member supporting portfolio companies
Operational focus on K12 go-to-market support

The team combines policy expertise, operational startup experience, and deep K12 market knowledge.

Geographic Focus

Primarily United States focus with international reach through portfolio companies:

Strong presence in major education markets (California, Texas, New York)
Headquarters in Denver, Colorado
Network includes school leaders and policy leaders across US school systems

Decision Process

Edovate operates as a partnership-driven fund:

Founder-led: Graham Forman makes key investment decisions with partnership input
Hands-on approach: Deep involvement in company strategy and scaling
K12 expertise-driven: Decisions informed by deep market knowledge and school relationships
Impact-aligned: Focus on sustainable, capital-efficient models with clear impact metrics

Decision timeline typically 4-8 weeks for seed-stage deals with strong fit.

Founder Preferences

Edovate seeks:

Impact-focused founders: Social mission must be core, not adjacent
Capital-efficient operators: Understanding of unit economics and school buying dynamics
K12 expertise: Founders with education background or deep customer understanding
Experienced teams: Founders with track record of shipping products and gaining school adoption
Product-driven: Companies loved by teachers, administrators, and students

Anti-thesis: They avoid B2C consumer education, pure hardware plays, and companies without clear school/teacher love.

Model Preferences

Edovate prefers:

B2B SaaS to schools: Direct school and district relationships
Capital-efficient growth: Low CAC, strong LTV, recurring revenue
Marketplace & community: Platforms connecting stakeholders
Infrastructure: Tools that schools rely on but aren't core to pedagogy

Typical Involvement

Edovate provides deep engagement across multiple dimensions:

Board seat or board observer: For seed-stage investments
Strategic advisory: K12 go-to-market support, school relationship mapping
Operational support: Help with product-market fit, scaling K12 sales
Network access: Introductions to school leaders, policy contacts, other portfolio companies
Long-term partner: Patient capital approach for sustainable growth

Fund Status

Based on available information:

Fund Status: Likely between deployment or raising new fund (specific fund sizing not public)
Deployment pace: Actively investing but selective; focus on quality over quantity
Capital availability: Access to follow-on reserves for portfolio companies
Long-term commitment: 30+ year vision (100 by 40 mission: investing in 100 sustainable K12 companies by 2040)

Market Position

Edovate Capital is positioned as:

Specialized EdTech investor: One of few VCs truly specialized in K12 (vs. higher ed or broader EdTech)
Impact-first capital: Aligned capital structure that accepts lower returns for impact
Operational partner: Not just capital provider but hands-on operator
Market leader: Recognized as Top 30 VC firm in Denver (2024) and ranked #17 on Top EdTech Venture Capital Firms 2026

Notable Partnerships & Resources

Red House Education: Partner organization providing consulting and community
School leader network: Deep relationships with K12 leaders and administrators
Coalition approach: Works alongside other education-aligned investors and operators
Research & insights: Publishes resources and research on K12 EdTech market