Edfintech startup Allovue raised $2 million in funding to expand product offerings and add to its business development and support staff.
The funding for the Remington-based company is an extension of its $5.1 million Series A, and included participation from Rethink Education, Serious Change and Kapor Capital.
Allovue is looking to add features to its platform, called Balance, which helps school districts allocate, manage and evaluate finances. The federal Every Student Succeeds Act has brought new attention to equity and transparency in education spending, and Allovue is looking to add more tools specifically for those needs. In November, the company won a public bid to implement priority-based budgeting in Metro-Nashville Public Schools, which has 86,000 students. The platform is currently used in 26 school districts.
“The new funding will help us to support a growing list of school districts as they contemplate new funding models to improve resource equity and ensure that dollars are aligned to district goals,” Allovue founder and CEO Jess Gartner said in a statement.
The company also plans to add five team members to its team of 22 currently working at its offices in R. House.
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