Allovue closed a $1 million seed round, according to a news release.
Participants in the round of debt financing included Baltimore Angels, Serious Change II, Red House Education and the Baltimore Boost Fund. The money will help the “edfintech” startup expand its reach, and add additional features to its platform for financial tracking in K-12 education.
Allovue makes a software product called Balance, which connects with financial systems in K-12 school districts to allow administrators and other school employees track financial information daily. The platform also allows schools to view the finances alongside education performance indicators like test scores and attendance. When it comes to decision making, that puts financial considerations side-by-side with outcomes.
Balance is currently being piloted in Baltimore city schools and New Haven Public Schools. The company is looking to expand to more school districts.
The company is also rolling out a diagnostic and training program to help principals manage their own budget.
“School leaders are perfectly positioned to make the best spending decisions for students,” CEO and founder Jess Gartner said in a statement. “They just need the proper tools and training to be successful.”
Allovue, a graduate of AccelerateBaltimore, previously raised $800,000 in seed funding.-30-