Tech Crunch reports,

Benchmark Capital made its largest seed investment to date — $25 million — in a startup/university called The Minerva Project.

Pointer from Tyler Cowen. Jordan Weissmann also has coverage.

The goal seems to be to compete with Harvard in terms of arrogance and exclusivity. Is there really a market for a college that tries to make people feel even more smug than Harvard alumni? And is it really possible for a new entrant to capture that market?