This post originally appeared on the Nexus Louisiana blog.
Nexus Louisiana Tech Park member MasteryPrep, which provides test-prep and college-readiness resources for historically underserved schools, is being acquired by private equity firm Achieve Partners. The acquisition of the Baton Rouge startup will spur the reinvestment of capital into the Louisiana startup ecosystem.
“You have one acquisition, one company that is successful and spreads out the wealth. Those people either create other companies or invest that wealth in other companies because this one was successful,” said Stephen Loy, executive director of Tech Park.
“This demonstrates the importance of angel investing as part of an investor’s asset allocation. MasteryPrep was the Red Stick Angel Network’s first-ever investment back in January 2020, and now, merely three years later, the network’s first exit — and those investors are getting a substantial return,” said Bill Ellison, CEO at Innovation Catalyst and CEO and director of Red Stick Angel Network, both of which fall under the Nexus Louisiana umbrella. Innovation Catalyst and Red Stick Angel Network invested in MasteryPrep at its seed and growth stages, respectively.
MasteryPrep founder and CEO Craig Gehring has been embedded in the Louisiana startup ecosystem since the company’s inception, joining the Tech Park with only one employee. Gehring, a Baton Rouge High graduate, has been named Young Entrepreneur of the Year and recognized as one of the top 40 Under 40 Business Leaders by Baton Rouge Business Report. MasteryPrep’s acquisition supports increased capital within the local startup scene, while Gehring provides coaching and connections to fellow entrepreneurs as an anchor member of the Tech Park.