Digital School Payments Firm ClassWallet Raises $1.5 Million
ClassWallet, a digital payments platform for school-related purchases, has raised $1.5 million in a seed round led by Idea Bulb Ventures. Techstar Ventures, William Guttman and several angel investors also took part in the funding, which brings the total capital raised by the company to $4.03 million.
Its technology “combines a virtual wallet with an online marketplace,” and enables school administrators and funders to dispense with paper receipts and other paperwork when it comes to buying school supplies, the company said. ClassWallet works with 2016 Pay Awards- winning companies, including Discover and Marqeta, which “power the ClassWallet debit card for offline purchases such as professional development, field trips and more,” ClassWallet said. Other partners include Amazon and Office Depot.
“We have a number of investments in the education technology sector and we love what ClassWallet is doing,” Chris Evdemon, partner at Idea Bulb, said in a press release. “They are solving a huge problem with an innovative SaaS application. We are excited by ClassWallet’s traction in K12 education and see universal application for its technology.”
ClassWallet said its user base has grown 400 percent since 2015, but did not say where the new capital might go.