Allovue, a Baltimore, MD-based provider of financial analysis platform for K-12 public school districts, raised $5.1m in Series A financing.
The round was led by Rethink Education with participation from Red House Education, Serious Change II, Kapor Capital, and Baltimore Angels. In conjunction with the funding, Rethink Education Managing Partner Matt Greenfield and Red House Education Managing Director Steve Kupfer will join Allovue’s Board of Directors.
The company, which has raised $6.9m in total, intends to use the funds to expand its customer success and leadership teams, as well as accelerate product
Led by CEO Jess Gartner, Allovue provides K-12 public school districts across the country with financial analysis platform, Balance, to streamline budgets, vendor transactions, general ledger balances, and other accounting data into a single dashboard.
The solution also allows education leaders to analyze spending in the context of non-financial metrics, such as attendance rates, student achievement data, and demographic data.
Clients include New Haven Public Schools, Indianapolis Public Schools, Pueblo District 70 in Colorado, and Santa Ana Unified School District.
The company recently partnered with Pivot Learning Partners in Oakland, CA, as part of the Bill and Melinda Gates Foundation’s Smarter School Spending initiative, to assist districts with allocations of Local Control Funding Formula (LCFF) funds and Local Control and Accountability Plans (LCAP).
Allovue currently has 10 employees, with plans to add 35 people in 2016 and expand their presence nationally, with new offices in Denver and the Bay Area.