Raise.me, a San Francisco, CA-based platform focused on expanding access to higher education, raised $12m in funding.
The round was led by Redpoint Ventures with additional participation from GSV Acceleration, and follow-on investment from Owl Ventures, First Round Capital and SJF Ventures.
The company will use the funds to expand its reach nationwide.
Co-founded by Preston Silverman, George Kirkland, and Dave Schuman in 2012 and launched nationally in 2014, Raise.me allows colleges to offer students incremental awards, called “micro-scholarships” for achievement like getting A’s in courses or participating in an extracurricular activity. Students begin earning micro-scholarships starting in 9th grade, and collect the awards into a total amount that can be used towards tuition if they apply and are accepted to the partner school.
Since launching nationally in the fall of 2014, Raise.me’s platform has served over 650,000 high school students in all 50 states, and is being used by 19,000 high school counselors in high schools across the country. Colleges using the platform comprise a group of over 225 schools that include Northeastern, NYU, ASU, Oberlin, Penn State, Georgia Tech and Tulane University.