Allovue raised $5.1 million in new financing, and is looking to hire about 35 more people in 2016.
The Baltimore-based “edfintech” company’s Series A was led by New York-based Rethink Education, and follows a $1 million seed round that closed in June. Other investors in this round include Red House Education, Serious Change II, Kapor Capital and Baltimore Angels, according to a press release.
Allovue’s software, called Balance, provides a financial analysis dashboard that allows K-12 teachers and administrators to compare different kinds of accounting data, and link it to other types of school performance and student information. The product launched this spring, and is being used in at least four districts, including New Haven Public Schools, Indianapolis Public Schools and Santa Ana Unified School District in Orange County, Calif.
The company currently has 10 employees, and is looking to expand to 45 in 2016. The company announced the hiring of new CFO Craig Vaughan last week. The release indicates further leadership team and client success hires are in the works. Plans are also in the works to open additional offices in Denver and the Bay Area.
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