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Bethesda-Based Novak Biddle Increases Investment in UniversityNow

Novak Biddle Venture Partners, the Bethesda-based venture capital firm, said on Tuesday it has increased its investment in UniversityNow, a San Francisco-based operator of two online universities, as part of the company's new $19 million third round. Bertelsmann and First Analysis co-led the round, which also included previous backers University Ventures, Kapor Capital and Bronze Investments. Founded in 2010, UniversityNow operates Patten University and New Charter University, online universities targeting working adults. Novak Biddle now has invested in all three of the company's rounds, and general partner Roger Novak sits on its board of directors. 

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