Edquity, a Brooklyn-based student financial success and emergency aid company, raised $2.4M in seed funding.
The round was led by ECMC Foundation, with participation from the Omidyar Network, Spring Point Partners, the American Family Insurance Institute for Corporate and Social Impact, Michelson 20MM Foundation, and WGU Labs.
The company intends to use the funds to expand its emergency cash grant and social services referral technology to additional colleges and universities.
Led by David Helene, CEO, and Sara Goldrick-Rab, Chief Strategy Officer, Edquity offers a research-driven basic needs insecurity and emergency aid technology platform for college students, which includes emergency aid underwriting and disbursement functionality as well as a hub for social services referral.
The company previously launched its evidence-based technology to administer emergency aid and predictively refer students to emergency resources in the Dallas County Community College District last October.
The technology processed more than 100 applications within the first hour of being live and has since deployed nearly $100,000 in emergency assistance, having processed over 500 applications.