Allovue Raises $1M to Connect Education Spending to Student Outcomes
Allovue, an edfintech company in Baltimore has closed a $1M seed round, the company announced Monday. Investors include Baltimore Angels, Serious Change II, and Red House Education, The Baltimore Boost Fund, as well as several other angels. The $1M in debt financing is a second seed round for Allovue. The company had previously raised $800K.
Baltimore, MD, June 9, 2015 (Newswire.com) - Allovue, an edfintech company in Baltimore has closed a $1M seed round, the company announced Tuesday. Investors include Baltimore Angels, Serious Change II, and Red House Education, The Baltimore Boost Fund, as well as several other angels. The $1M in debt financing is a second seed round for Allovue. The company had previously raised $800K.
CEO and founder Jess Gartner says the company is creating the edfintech category by building fintech software solutions that are tailored for the unique needs of the K-12 education market.
Allovue is on a mission to redefine how the education sector measures its bottom line: by connecting spending to student outcomes.
“We make a $700 billion annual investment in public education,” said Gartner, “yet most conversations about how resources should be allocated are completely siloed from conversations about which programs work and which resources teachers and students need to be successful.”
Allovue’s platform, Balance, connects with school districts’ financial data systems to provide daily updates on budgets and spending, but also pulls in other relevant school-level data, such as attendance, state test scores, enrollment and demographic data. By tying in outcomes data, administrators can monitor variations in spending across schools and over time in order to identify trends in terms of where dollars are showing the greatest return on investment.
The company is currently piloting Balance in Baltimore City Public Schools and New Haven Public Schools. The new investment will help them expand to additional districts and states, as well as to add budget-planning and goal-tracking features for the platform.
This summer, Allovue is also rolling out a “Financial Savvy” diagnostic and training program for principals who manage their own budgets. “School leaders are perfectly positioned to make the best spending decisions for students,” says Gartner, “they just need the proper tools and training to be successful.”