Bonsal Capital

Bonsal Capital is a family private equity firm based in Baltimore, Maryland, founded in 1999 by Frank A. Bonsal, Jr., a co-founder of New Enterprise Associates. The firm focuses on mission-driven investments primarily in the Capital Region, targeting technology-enabled services in education and workforce development, as well as the information technology and life sciences industries.

Frank Bonsal III

Managing Partner

42 past transactions

Early Works

Seed Round in 2022
A multidisciplinary studio building companies from the ground up while creating everything in-house.

Canopie

Pre Seed Round in 2022
Canopie is a mental health care company focused on addressing maternal depression and anxiety through a digital platform. The platform offers customized, audio-based programs and automated coaching that utilize clinically validated therapeutic techniques, including adaptations of cognitive behavioral therapy and compassion-focused treatment. By collaborating with cities, payers, health systems, and healthcare providers, Canopie aims to deliver effective and affordable care for mothers, overcoming barriers such as cost, scheduling, time, and stigma. The company's innovative approach is designed to support pregnant women and new mothers in preventing and treating common mental health challenges, making it a scalable solution in maternal mental health care.

KidzToPros

Series A in 2022
KidzToPros, LLC is a provider of after-school enrichment programs, specializing in connecting parents with private sports coaches through its online platform. Founded in 2016 and headquartered in Fremont, California, the company offers a diverse range of activities, including soccer, basketball, tennis, chess, martial arts, coding, street hockey, lacrosse, cricket, baseball, softball, fun science, and gymnastics. By facilitating access to quality coaching and educational experiences, KidzToPros aims to enhance children's development and promote active lifestyles.

RareBreed Ventures

Venture Round in 2021
RareBreed Ventures is a venture capital firm based in Baltimore, Maryland, founded in 2020 by McKeever "Mac" Conwell. The firm focuses on investing in pre-seed stage technology companies, aiming to support early-stage startups with potential for growth. By allowing angel investors to participate as limited partners in future funding rounds, RareBreed Ventures fosters a collaborative investment environment. The firm is dedicated to identifying and nurturing innovative ideas, contributing to the development of emerging businesses in the technology sector.

EveryDay Labs

Series A in 2021
EveryDay Labs, Inc. is a company founded in 2015 and based in Redwood City, California, that focuses on improving student attendance and outcomes in education. It develops a toolkit that provides educators with insights, research, and strategies to engage families effectively, ensuring that all students have equitable learning opportunities. By combining behavioral science, data science, and family engagement techniques, EveryDay Labs aims to reduce chronic absenteeism and support educators in optimizing districtwide student support systems. The company’s interventions empower schools and parents to monitor and enhance student attendance, ultimately fostering an environment conducive to academic success.

Upswing International

Series A in 2021
Upswing International, Inc., established in 2013 and headquartered in Austin, Texas, specializes in providing an online collaboration platform for academic support to schools. The company's core offerings include AdviseUp, MentorUp, and TutorUp, which facilitate student-advisor, student-mentor, and student-tutor interactions respectively. Additionally, Upswing provides comprehensive analytics and a virtual learning center to college administrators. By integrating various student support operations into a single, user-friendly platform, Upswing aims to enhance student retention and success.

Sendcloud

Series B in 2020
SendCloud is a shipping platform designed for online retailers. It connects businesses to multiple shipping carriers, streamlining processes like label creation, tracking, and returns. The platform is easy to implement, taking just five minutes of a webshop's time. By optimizing the full shipping journey, from checkout to returns, SendCloud helps businesses save time and money, while also potentially increasing conversion rates at checkout.

Nepris

Series A in 2020
Nepris Inc. is a cloud-based platform that connects educators with industry professionals, enhancing the relevance of curriculum topics for students from K-16 and beyond. Founded in 2013 and based in Austin, Texas, Nepris matches the expertise of industry professionals with specific learning objectives, facilitating virtual interactions that bring real-world experiences into the classroom. The platform enables professionals to engage with students through discussions, project mentoring, virtual tours, mock interviews, and workplace experiences, thereby bridging the gap between education and industry. This innovative approach allows educators to leverage industry connections effectively, fostering engagement and providing students with valuable insights into potential career paths.

CourseArc

Convertible Note in 2020
CourseArc, LLC is a digital content creation company founded in 2015 and based in Baltimore, Maryland. It offers a web-based platform that enables organizations, including corporate entities, nonprofits, and content publishers, to create engaging, interactive, and accessible online courses. The tool allows users to develop mobile-friendly courses without needing a web developer’s assistance, facilitating a collaborative approach to course creation. CourseArc's platform supports multiple editors on projects and includes features for commenting and task assignment, promoting consistency in visual design and enhancing the overall efficiency of the content development process.

Student Opportunity Center

Seed Round in 2019
Student Opportunity Center, Inc. operates a web-based platform that facilitates connections between universities and their students, focusing on relevant events, publications, and scholarship opportunities. Established in 2013 and headquartered in Alexandria, Virginia, the company offers several products, including S.O.C. Connect, which links students to honors and undergraduate research offices; S.O.C. Enterprise, which connects students to experiential learning opportunities within the institution's network; and ScholarBridge, a resource that helps identify faculty conducting undergraduate research. The platform aims to centralize and manage students' experiential learning, empowering universities to make data-driven decisions regarding their educational resources and enhancing students' preparedness for careers and life beyond graduation.

InferCabulary

Venture Round in 2019
InferCabulary is a digital visual vocabulary tool that supports vocabulary acquisition and critical thinking using semantic reasoning. It enables students to learn the nuanced meanings of words.

Terbium Labs

Series A in 2017
Terbium Labs, Inc. is a data intelligence company based in Baltimore, Maryland, established in 2013. It specializes in providing proactive solutions for information security professionals, focusing on the detection and management of data breaches. The company's flagship product, Matchlight, is a comprehensive and fully private dark web monitoring solution that automates the detection of stolen data. It offers fingerprint monitoring, data feeds, and private search capabilities to quickly identify leaks of sensitive information. By alerting organizations when their data appears in unauthorized places on the internet, Terbium Labs enables companies to mitigate risks and protect their high-value information from theft and exploitation.

BetterLesson

Series B in 2017
BetterLesson, Inc. is a professional development platform designed for K-12 educators, headquartered in Cambridge, Massachusetts. Founded in 2008, the company focuses on connecting teachers with personal coaches to set professional development goals and create tailored learning plans. BetterLesson offers a comprehensive database that allows educators to access lesson plans, classroom materials, and instructional resources, facilitating collaboration and sharing among peers. The platform emphasizes research-based professional development aimed at enhancing student outcomes, equipping educators with the skills necessary to foster meaningful, student-centered learning experiences. Through various offerings, including workshops, one-on-one coaching, and defined learning pathways, BetterLesson supports educators in navigating the complexities of modern teaching and achieving strategic educational goals.

Faculty Guild

Seed Round in 2017
Faculty Guild is a company focused on creating technology that enhances the educational experience for both students and educators. It designs a teaching platform that connects students with skilled faculty members, emphasizing effective teaching practices. The company's offerings include digital courseware, teaching resources, and professional development tools, which provide faculty with the necessary support to foster deeper connections with their students. Additionally, Faculty Guild offers personalized coaching and a collaborative community for educators, promoting the use of evidence-based instructional methods to help students overcome challenges and succeed in their academic pursuits.

Torchlight

Series A in 2017
Torchlight is the complete caregiver support program for employers and health plans that provides real-time access to the strategies and solutions modern caregivers need most. From screen time to Social Security, Autism to Alzheimer’s, Torchlight meets caregivers where they are, providing the expert guidance, tools, and step-by-step action plans that solve even the most complex family challenges. Modern caregiving. Illuminated.

Allovue

Series A in 2015
Allovue, Inc. is a financial software company dedicated to supporting school districts and K-12 education departments in the United States. Founded in 2013 and based in Baltimore, Maryland, Allovue develops innovative solutions that enable educators to effectively budget, manage, and evaluate financial resources. Its flagship product, Balance, integrates with existing accounting and data systems, allowing district officials, principals, and administrators to visualize and analyze spending, track expenditures, identify trends, and plan for future investments. The platform facilitates communication of district budgets to staff, boards, and community leaders, ensuring alignment with educational goals. Additionally, Allovue offers supplemental services, including funding equity analysis and financial management training, aimed at empowering education decision-makers to allocate resources equitably and strategically to enhance student outcomes.

Quad Learning

Debt Financing in 2015
Quad Learning, Inc., operating as American Honors, is an educational organization founded in 2012 and based in Washington, D.C. The company focuses on creating affordable pathways for students aiming to complete their bachelor's degrees at prestigious colleges and universities. It offers a competitive two-year honors program tailored for high-achieving students, providing essential tools and one-on-one support to facilitate academic success. In addition to the honors program, Quad Learning collaborates with community colleges to enhance marketing strategies, recruitment processes, and faculty development. The company also features Quad, an online learning platform, and delivers personalized advising services that encompass course planning, career exploration, financial aid, and student retention. Through these initiatives, Quad Learning aims to empower students and strengthen partnerships with community colleges across the United States.

Terbium Labs

Seed Round in 2015
Terbium Labs, Inc. is a data intelligence company based in Baltimore, Maryland, established in 2013. It specializes in providing proactive solutions for information security professionals, focusing on the detection and management of data breaches. The company's flagship product, Matchlight, is a comprehensive and fully private dark web monitoring solution that automates the detection of stolen data. It offers fingerprint monitoring, data feeds, and private search capabilities to quickly identify leaks of sensitive information. By alerting organizations when their data appears in unauthorized places on the internet, Terbium Labs enables companies to mitigate risks and protect their high-value information from theft and exploitation.

Sickweather

Seed Round in 2015
Sickweather Inc. is a company that specializes in sickness forecasting and mapping through its innovative mobile application. Founded in 2011 and based in Windsor Mill, Maryland, Sickweather utilizes a unique social listening technology to monitor social networks for indicators of illness, allowing users to receive alerts about sickness trends in real-time. This predictive platform operates in over 120 countries and provides detailed illness forecasts, modeled into 15-week predictions along with a threat level index known as the SickScore. By crowdsourcing data about illnesses and analyzing population, sales, and clinical information, Sickweather empowers users to assess the likelihood of sickness in their area, akin to checking the weather forecast.

Torchlight

Seed Round in 2015
Torchlight is the complete caregiver support program for employers and health plans that provides real-time access to the strategies and solutions modern caregivers need most. From screen time to Social Security, Autism to Alzheimer’s, Torchlight meets caregivers where they are, providing the expert guidance, tools, and step-by-step action plans that solve even the most complex family challenges. Modern caregiving. Illuminated.

Quad Learning

Series B in 2014
Quad Learning, Inc., operating as American Honors, is an educational organization founded in 2012 and based in Washington, D.C. The company focuses on creating affordable pathways for students aiming to complete their bachelor's degrees at prestigious colleges and universities. It offers a competitive two-year honors program tailored for high-achieving students, providing essential tools and one-on-one support to facilitate academic success. In addition to the honors program, Quad Learning collaborates with community colleges to enhance marketing strategies, recruitment processes, and faculty development. The company also features Quad, an online learning platform, and delivers personalized advising services that encompass course planning, career exploration, financial aid, and student retention. Through these initiatives, Quad Learning aims to empower students and strengthen partnerships with community colleges across the United States.

Allovue

Seed Round in 2014
Allovue, Inc. is a financial software company dedicated to supporting school districts and K-12 education departments in the United States. Founded in 2013 and based in Baltimore, Maryland, Allovue develops innovative solutions that enable educators to effectively budget, manage, and evaluate financial resources. Its flagship product, Balance, integrates with existing accounting and data systems, allowing district officials, principals, and administrators to visualize and analyze spending, track expenditures, identify trends, and plan for future investments. The platform facilitates communication of district budgets to staff, boards, and community leaders, ensuring alignment with educational goals. Additionally, Allovue offers supplemental services, including funding equity analysis and financial management training, aimed at empowering education decision-makers to allocate resources equitably and strategically to enhance student outcomes.

Calvert Learning

Series A in 2013
Calvert Learning, formerly known as Calvert Education Services, LLC, specializes in providing a comprehensive homeschool curriculum that integrates traditional textbooks with online learning. Founded in 1906 and based in Hunt Valley, Maryland, the company offers a wide range of courses including history, mathematics, science, foreign languages, and arts, catering to English-speaking students from pre-kindergarten to eighth grade globally. Calvert Learning also operates virtual and distance learning programs and provides advisory teaching and technical support services. With over a century of experience, the organization focuses on delivering high-quality education tailored to the unique needs of students in nontraditional learning settings. While its curriculum and tools are now primarily offered through school partnerships, Calvert remains committed to supporting homeschool families by ensuring access to its trusted educational resources.

Quad Learning

Series A in 2013
Quad Learning, Inc., operating as American Honors, is an educational organization founded in 2012 and based in Washington, D.C. The company focuses on creating affordable pathways for students aiming to complete their bachelor's degrees at prestigious colleges and universities. It offers a competitive two-year honors program tailored for high-achieving students, providing essential tools and one-on-one support to facilitate academic success. In addition to the honors program, Quad Learning collaborates with community colleges to enhance marketing strategies, recruitment processes, and faculty development. The company also features Quad, an online learning platform, and delivers personalized advising services that encompass course planning, career exploration, financial aid, and student retention. Through these initiatives, Quad Learning aims to empower students and strengthen partnerships with community colleges across the United States.

GIGAS

Seed Round in 2012
Gigas specializes in advanced real-time cloud hosting services, catering to a diverse range of business needs. Founded by experts from prominent telecom and internet companies, Gigas offers a robust product called Cloud Datacenter, which allows customers to deploy servers and other essential data center equipment through an easy-to-use control panel. The company operates in Spain and Latin America, with offices in major cities and services provided from four Tier-III and Tier-IV certified data centers. Gigas delivers Infrastructure as a Service to over 3,600 clients, including small and medium-sized enterprises as well as large corporations. Their offerings also include disaster recovery solutions and cloud server infrastructure for applications such as SAP and Oracle. Gigas has been recognized for its excellence, having been named the best cloud hosting provider globally at the 2016 Cloud Awards and acknowledged by Gartner as a Global Significant Provider.

Quad Learning

Series A in 2012
Quad Learning, Inc., operating as American Honors, is an educational organization founded in 2012 and based in Washington, D.C. The company focuses on creating affordable pathways for students aiming to complete their bachelor's degrees at prestigious colleges and universities. It offers a competitive two-year honors program tailored for high-achieving students, providing essential tools and one-on-one support to facilitate academic success. In addition to the honors program, Quad Learning collaborates with community colleges to enhance marketing strategies, recruitment processes, and faculty development. The company also features Quad, an online learning platform, and delivers personalized advising services that encompass course planning, career exploration, financial aid, and student retention. Through these initiatives, Quad Learning aims to empower students and strengthen partnerships with community colleges across the United States.

Curiosityville

Seed Round in 2011
Curiosityville LLC is an educational company based in Cockeysville, Maryland, that specializes in providing an interactive online platform for children aged 3 to 8 years. Founded in 2010, the company focuses on fostering learning through engaging animated video games and playful activities that cover subjects such as mathematics. By creating an enjoyable and stimulating environment, Curiosityville aims to enhance the educational experience for young learners, making it both fun and effective.

BetterLesson

Venture Round in 2011
BetterLesson, Inc. is a professional development platform designed for K-12 educators, headquartered in Cambridge, Massachusetts. Founded in 2008, the company focuses on connecting teachers with personal coaches to set professional development goals and create tailored learning plans. BetterLesson offers a comprehensive database that allows educators to access lesson plans, classroom materials, and instructional resources, facilitating collaboration and sharing among peers. The platform emphasizes research-based professional development aimed at enhancing student outcomes, equipping educators with the skills necessary to foster meaningful, student-centered learning experiences. Through various offerings, including workshops, one-on-one coaching, and defined learning pathways, BetterLesson supports educators in navigating the complexities of modern teaching and achieving strategic educational goals.

Moodlerooms

Venture Round in 2010
Moodlerooms is a provider of an online learning platform that connects educational institutions to its user-focused Learning Management Platform, Joule. The platform offers a range of services, including basic and enterprise-level hosting, an e-portfolio, and a digital repository. Additionally, Moodlerooms provides training solutions and customization services tailored to the specific needs of institutions. These services encompass project management, custom module and application development, international deployment consultation, open source consulting, code review, and certification. The company's adaptable offerings aim to enhance the learning experience by integrating functionality and service to meet the diverse requirements of its clients.

StraighterLine

Seed Round in 2010
StraighterLine, Inc. is an online education provider based in Baltimore, Maryland, founded in 2009. The company offers affordable online and distance learning courses from accredited colleges and universities, focusing on introductory-level subjects such as business, English, health science, humanities, mathematics, and technology. By providing a self-paced, pay-as-you-go model, students can access courses for $99 per month or $1,000 per year, significantly reducing the financial barriers associated with higher education. StraighterLine’s mission is to increase access and affordability in education, allowing students to complete core courses online and seamlessly transfer credits to accredited partner institutions, ultimately facilitating the pursuit of their degrees. The company also offers a tuition assistance program to further support students in their educational journey.

Questar Assessment

Post in 2009
Questar Assessment, Inc. is a provider of comprehensive assessment solutions tailored for the K-12 education market, serving states, school districts, and other educational entities. Established in 1976 and headquartered in Brewster, New York, the company specializes in a wide array of services, including program management, test design and construction, item development, online test administration, scoring, data analysis, and psychometric services. Questar also delivers custom assessments, such as large-scale evaluations and English language proficiency tests, alongside a variety of proprietary products aimed at enhancing educational outcomes. The company's offerings include the WriteQuest program and the MAC II test, among others, while its online and reporting services facilitate efficient assessment processes. Questar Assessment, formerly known as Touchstone Applied Science Associates, Inc., became a subsidiary of Educational Testing Service, Inc. in March 2017, continuing its commitment to bridging learning and accountability in education.

BetterLesson

Debt Financing in 2009
BetterLesson, Inc. is a professional development platform designed for K-12 educators, headquartered in Cambridge, Massachusetts. Founded in 2008, the company focuses on connecting teachers with personal coaches to set professional development goals and create tailored learning plans. BetterLesson offers a comprehensive database that allows educators to access lesson plans, classroom materials, and instructional resources, facilitating collaboration and sharing among peers. The platform emphasizes research-based professional development aimed at enhancing student outcomes, equipping educators with the skills necessary to foster meaningful, student-centered learning experiences. Through various offerings, including workshops, one-on-one coaching, and defined learning pathways, BetterLesson supports educators in navigating the complexities of modern teaching and achieving strategic educational goals.

BetterLesson

Seed Round in 2009
BetterLesson, Inc. is a professional development platform designed for K-12 educators, headquartered in Cambridge, Massachusetts. Founded in 2008, the company focuses on connecting teachers with personal coaches to set professional development goals and create tailored learning plans. BetterLesson offers a comprehensive database that allows educators to access lesson plans, classroom materials, and instructional resources, facilitating collaboration and sharing among peers. The platform emphasizes research-based professional development aimed at enhancing student outcomes, equipping educators with the skills necessary to foster meaningful, student-centered learning experiences. Through various offerings, including workshops, one-on-one coaching, and defined learning pathways, BetterLesson supports educators in navigating the complexities of modern teaching and achieving strategic educational goals.

Starfish Retention Solutions

Seed Round in 2008
Starfish Retention Solutions, Inc. is a provider of student success and advising solutions for higher education institutions globally. Founded in 2007 and headquartered in Arlington, Virginia, the company specializes in its Starfish Enterprise Success Platform, which aims to enhance student support initiatives. This platform includes several key modules: Starfish EARLY ALERT, which identifies at-risk students and tracks their progress; Starfish CONNECT, which facilitates communication between students and their advisors or tutors; and Starfish Degree Planner, which helps students navigate their academic journey with personalized planning. Starfish serves a diverse clientele, including community colleges, public and private four-year institutions, and online educational programs. The company also offers implementation, training, community building, product support, and strategic services to its clients. In 2015, Starfish Retention Solutions became a subsidiary of Hobsons Australia Pty Limited.

Videology

Series A in 2008
Videology is a digital media advertising technology company that specializes in providing solutions for connecting advertisers with consumers. The company develops software that enables converged and addressable advertising across both television and digital video platforms. By utilizing consumer data and advanced ad decisioning, Videology optimizes the performance of video and display advertising campaigns, ensuring that advertisements reach the most relevant audiences. Its advertising technology continually analyzes media and audience data to enhance forecasting and demand estimation, bringing the efficiencies of programmatic advertising into the traditional TV and premium video landscape. Through its offerings, Videology aims to create a more meaningful web experience for consumers while increasing accountability for advertisers.

NxThera

Series A in 2008
NxThera, founded in 2008 and headquartered in Maple Grove, Minnesota, specializes in the development of medical technologies for treating endourological conditions. The company's core technology involves convective water vapor energy, designed to deliver minimally invasive, thermal therapy for conditions such as benign prostatic hyperplasia (BPH), which affects over 32 million men in the U.S. As of April 30, 2018, NxThera operates as a subsidiary of Boston Scientific Corporation.

Moodlerooms

Seed Round in 2007
Moodlerooms is a provider of an online learning platform that connects educational institutions to its user-focused Learning Management Platform, Joule. The platform offers a range of services, including basic and enterprise-level hosting, an e-portfolio, and a digital repository. Additionally, Moodlerooms provides training solutions and customization services tailored to the specific needs of institutions. These services encompass project management, custom module and application development, international deployment consultation, open source consulting, code review, and certification. The company's adaptable offerings aim to enhance the learning experience by integrating functionality and service to meet the diverse requirements of its clients.

Headsprout

Series D in 2007
HeadSprout, Inc. is a Seattle-based company that specializes in computer-based learning programs focused on fundamental academic skills, particularly in reading. Founded in 1999, the company provides an online reading program that employs adaptive educational sequencing and differentiated instruction to cater to individual learning needs. Its software includes features such as automated progress reports and a vocabulary-building engine, designed to enhance reading proficiency and confidence among users. Through its innovative approach, HeadSprout aims to support learners in becoming capable and confident readers.

American Public Education

Series B in 2005
American Public Education, Inc. is a provider of online and campus-based postsecondary education, primarily focused on serving military and public service communities. The company operates through two main segments: the American Public University System, which includes American Military University and American Public University, and Hondros College of Nursing. American Public Education offers a comprehensive range of educational programs, including 121 degree programs and 111 certificate programs across various fields such as business administration, health science, technology, criminal justice, education, and liberal arts, as well as specialized areas like national security and military studies. With a commitment to affordability and quality, the institution serves over 83,000 adult learners, delivering education through experienced faculty dedicated to fostering academic success. Founded in 1991 and headquartered in Charles Town, West Virginia, American Public Education continues to be recognized for its effective practices in online higher education.

Spectrum K12 School Solutions

Series A in 2001
Spectrum K12 School Solutions, Inc. specializes in providing software solutions for special education and response to intervention (RTI) programs within K-12 schools across the United States. The company offers Encore, a web-based data management system designed to facilitate the individualized learning process for students requiring special services, including those in special education, 504 plans, and limited English proficiency programs. Founded in 1996 and headquartered in Towson, Maryland, Spectrum K12 School Solutions is dedicated to enhancing educational outcomes for diverse student populations by streamlining the management of individualized education plans (IEPs) and related services.

Smarthinking Online Tutoring

Seed Round in 2000
Smarthinking is a leading provider of online tutoring services, catering to over 1,000 educational institutions, including universities, colleges, and schools. The company offers a range of services designed to enhance student performance, persistence, and retention. These services include live online tutoring, writing practice, and video tutorials, specifically aimed at supporting higher education students. By providing on-demand assistance, Smarthinking equips learners with the resources they need to succeed in their academic pursuits.

Blackboard

Series B in 1999
Blackboard Inc. is a leading provider of enterprise technology and innovative solutions for the education sector, catering to higher education, K-12, business, and government markets. Founded in 1997 and headquartered in Reston, Virginia, the company offers a diverse range of products designed to enhance the teaching and learning experience. Its flagship platform, Blackboard Learn, supports academic goals through a comprehensive learning management system, while Blackboard Collaborate facilitates interactive and mobile learning. Additional offerings include Blackboard Analytics, which converts data into actionable insights, and Blackboard SafeAssign, which helps identify plagiarism in student submissions. The company also provides tools for accessibility, student support, and community engagement, such as Blackboard Ally and Blackboard Connect. With a global presence, Blackboard aims to improve educational outcomes and institutional performance by leveraging technology to streamline processes and enhance communication among educational stakeholders.
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