Student financing solution Edmit has closed an $855,000 round of funding from a group of technology and education investors.
Contributions to the round came from investment vehicles including Bessemer Venture Partners’ 15 Angels fund, and Rethink Education’s seed fund. Other backers to the round came from a mixture of angel investors an investment firms.
The US-based company aims to help the college admission and financial aid processes students have to go through. Through the solution a user builds a profile with basic personal information and academic background. After compiling all of the information the platform will create an estimate on what similar candidates had to pay at various colleges, including aid, scholarships and discounts.
Once a student is ready to apply at a college, the platform will help connect them with the school, and also help get the best price.
This capital injection will enable the company to expand its technology service to cover every four-year colleges in the US, as well as accelerating the release of its public beta, which is scheduled for release later this year.
Rethink Education principal Michelle Dervan said, “One of the greatest challenges facing college-bound students and their families is understanding what the real cost of attendance will be. This information is critical in enabling financial planning and setting the student up for success toward graduation.”
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