Virent Capital Buys Into Kanahoma as First Platform Investment

Virent Capital has made its first platform investment in Kanahoma, a San Diego-based higher education marketing and enrollment services company, betting that colleges will pay for one integrated partner to run student acquisition end to end. Founder Seth Odell stays on as CEO and retains a meaningful ownership position. Chip Paucek, co-founder and former CEO of 2U, joins Kanahoma's board as co-chairman.

The deal terms weren't disclosed. What's known: Paucek brings serious scaling credentials. During his tenure at 2U, he helped grow the higher education partnership platform to nearly $1 billion in annual revenue.

Who is Kanahoma?

Odell founded the company in 2020 after working as a higher education chief marketing officer. Kanahoma has since grown to nearly 50 full-time employees and serves more than 20 colleges and universities nationwide.

Its service lineup covers:

• enrollment strategy
• brand positioning
• performance marketing
• creative production
• web development
• search engine optimization
• prospective student engagement

The company made the Inc. 5000 list of America's fastest-growing private companies in both 2025 and 2026.

What does Virent plan to change?

Virent says it will back investments in data analytics, artificial intelligence, technology and additional services that connect marketing more closely with enrollment execution. The firm's in-house digital platform, Virent Drive, will supply portfolio companies with AI enablement, application development, performance marketing, automation and data analytics support.

The Kanahoma deal is the first platform under Virent's create-and-build strategy. Under that model, the firm partners with founder-led companies relatively early in their growth, then adds capabilities through organic investment and complementary acquisitions. Expect bolt-on deals to follow.

What did the principals say?

Odell framed the deal around the collapse of the old division between marketing and enrollment work. "The lines between marketing and enrollment are blurring, and our partners need more than a campaign or a channel. They need one team that understands higher education from the inside, connects every stage of the student journey, and gives them clear visibility into what's actually driving enrollment," he said.

Connor McMahan, founder and managing partner of Virent Capital, pointed to the enrollment pressure bearing down on institutions. "Enrollment has never mattered more to colleges and universities, and institutions need a strategic partner focused entirely on helping them reach and enroll the right students. We believe Kanahoma is that partner," McMahan said.

Bryan Hall, vice president at Virent Capital, said the firm's due diligence flagged Kanahoma's sector depth and client relationships. "Kanahoma stood out in our research for its deep higher education expertise and the trust it has built with its partners. We're excited to work alongside Seth and the team to put new capabilities, data and technology behind that foundation," Hall said.

Who financed and advised the deal?

Salem Investment Partners provided debt financing and co-invested in the transaction. Garnet Partners acted as exclusive financial advisor to Kanahoma, with Lippes Mathias serving as legal advisor. Troutman Pepper Locke advised Virent Capital.

Why it matters

Demographic headwinds have turned enrollment into an existential issue for many colleges, and institutions are consolidating their vendor relationships around partners that can tie marketing spend to actual enrolled students. Virent's bet is that Kanahoma, armed with Virent Drive's AI and analytics stack and a compliant M&A runway, can become the full-service enrollment growth platform that market demands. With Paucek, who built 2U toward $1 billion in revenue, now co-chairing the board, the plan clearly doesn't stop at 50 employees and 20 campus clients.