Fastweb, the nonprofit that distributes the Harvard Crimson’s online news coverage, has agreed to a $50 million investment from investors, including Microsoft, to expand its scholarship program, according to a report from Business Insider.
The company said the investment will allow Fastweb to expand the reach of its online scholarship program beyond its existing alumni network and expand the number of fastweb schools to allow for more scholarships.
Fastweb has already announced it will launch more scholarships in 2017.
Fastwire, which is owned by Yahoo, had previously said it would expand its Harvard Crimson scholarship program in 2017, but the investment would allow Fastwire to expand faster.
The investment, according the report, comes in part as part of the Yahoo acquisition.
The new investment will be made up of $40 million in cash and $40.5 million in equity, Fastwire said in a statement.
The fund is led by Fastwire cofounder and CEO Alex Nix, who was previously executive chairman of the Boston-based Boston Consulting Group.
Fastnet is an alumni network of Harvard students, alumni, and members of the Crimson’s community.
The Crimson’s scholarship program is funded by the University of Michigan, the Bill & Melinda Gates Foundation, and the Harvard Corporation.
Fastwires scholarship program covers a wide range of topics, including STEM, journalism, and health care.
Its goal is to give students with limited resources access to affordable education and career options.