REDWOOD CITY, Calif., September 12, 2002 – The NewSchools Venture Fund today announces its most recent round of investment in the amount of $2 million from venture capitalist and entrepreneur Jim Clark and his wife Nancy Rutter Clark. New Schools is a $20 million fund that makes philanthropic investments in education entrepreneurship and creates a network to share best practices in education.

“NewSchools is leading the way in applying entrepreneurial thinking and energy to our public education system,” said Mr. Clark. “If our country’s economy is to continue to grow, we must invest in our children and the education they receive. The entrepreneurial ventures funded by the NewSchools Venture Fund are making great strides in revolutionizing the way we think about public schools.”

“The Fund strives to start-up, speed-up, and link-up entrepreneurial programs by creating a network where ideas, advice, contacts and support can be shared. It is the support of entrepreneurs like Jim Clark that will help us achieve profound and systemic change,” explains Kim Smith, Founding President of the NewSchools Venture Fund.