Cambridge Trust provides financing to support MasteryPrep's growth

Rhea-AI Summary

On January 10, 2023, Cambridge Trust Company, a subsidiary of Cambridge Bancorp (NASDAQ: CATC), announced financing for MasteryPrep, an education technology company. This support enables MasteryPrep to pursue its growth objectives, furthering its mission to enhance college readiness among students. MasteryPrep serves over 500 school districts nationwide and aims to improve student outcomes on end-of-course exams, especially in low-income areas. The financing is part of Cambridge Trust's strategy to support growth-stage companies in the innovative economy.

Positive

• Cambridge Trust provides financing to support MasteryPrep's growth objectives.
• MasteryPrep recognized as one of the fastest-growing K-12 education companies.
• The financing will help improve student outcomes in low-income communities.

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• None.

CAMBRIDGE, Mass., Jan. 10, 2023 /PRNewswire/ -- Cambridge Trust Company, a subsidiary of Cambridge Bancorp (NASDAQ: CATC), announces that it has provided financing to MasteryPrep, a technology company focused in the education sector working with hundreds of school districts around the country to level the playing field on college readiness and end-of-course exams. The financing allows MasteryPrep to continue its growth objectives, having recently been recognized as one of the country's fastest-growing K-12 education companies.

"Working with Cambridge Trust provided us with the understanding, responsiveness and flexibility that companies need in their pursuit of growth," said Craig Gehring, CEO and Founder of MasteryPrep. "The lending team at Cambridge Trust took time to understand MasteryPrep's business.  This new financing will further enable us to accelerate our mission to boost student achievement, following our acquisition by Achieve Partners in November."

MasteryPrep's unique approach helps schools and districts meet federal and state accountability targets by improving student outcomes on end-of-course exams, with a model specifically designed around access and affordability for districts in low-income communities. The company currently works with more than 500 school districts across the country. 

"Growing businesses like MasteryPrep require partners that understand their strategy, support their goals and meet their needs," said Chris Roy, Director, Innovation Banking at Cambridge Trust. "We're glad that our Innovation Banking team was able to deliver the support that MasteryPrep and Achieve Partners need to help realize the company's vision in improving student outcomes across the country."

Cambridge Trust's Innovation Banking Group is a leading Boston-based lender focused on the financial needs of growth-stage companies which drive the expansion of the innovative economy and support Cambridge Trust's growth strategy.

About Cambridge Trust
Cambridge Trust Company, subsidiary of Cambridge Bancorp (NASDAQ: CATC), is based in Cambridge, Massachusetts. The 132-year-old Massachusetts chartered commercial bank has approximately $5.1 billion in assets as of September 30, 2022, and a total of 22 Massachusetts and New Hampshire locations. Cambridge Trust's Wealth Management group maintains offices in Boston and Wellesley, Massachusetts and Concord, Manchester, and Portsmouth, New Hampshire with $3.8 billion in client assets under management and administration as of September 30, 2022.

To lean more, please visit cambridgetrust.com or visit Cambridge Trust on LinkedIn, Instagram, Twitter or Facebook.

About MasteryPrep
MasteryPrep provides mastery-based college readiness services and resources preparing students for the SAT®, ACT®, TSIA-2, EOC, and WorkKeys® tests. MasteryPrep is the nationally preferred SAT and ACT prep provider of the Council for Opportunity in Education and licensed by ACT to include official ACT test questions in its programs. MasteryPrep partners with schools and districts to help level the standardized assessment playing field. MasteryPrep has ranked among the Inc. 5000 "Fastest Growing Companies" for six years and is a featured "Entrepreneur 360" company.

Please contact: 
Danielle Remis Hackel 
danielle.remis@cambridgetrust.com

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SOURCE Cambridge Bancorp

FAQ

What financing did Cambridge Trust provide to MasteryPrep?

Cambridge Trust provided financing to MasteryPrep to support its growth objectives.

How many school districts does MasteryPrep serve?

MasteryPrep currently works with over 500 school districts across the country.

When was this financing announced?

The financing was announced on January 10, 2023.

What is the stock symbol for Cambridge Bancorp?

The stock symbol for Cambridge Bancorp is CATC.

What is MasteryPrep's focus in education?

MasteryPrep focuses on college readiness and improving student outcomes on standardized tests.