Spend management company ClassWallet has raised $2.3m in its funding round led by Florida Funders and Rainfall Ventures.
The investment included a group of Silicon Valley-based angels, as well as contributions from existing backers including Brentwood Associates.
Florida-based ClassWallet is a spend management platform for schools, automatically reconciling and paying necessary transactions. The software streamlines receipt collecting, reconciling invoices and statements, completing vendor and reimbursement payments, and data entry for audit requirements.
Through ClassWallet, users can shop online and checkout without the need for a credit or debit card, or use the ClassWallet debit card to make payments offline.
The platform is used in more than 2,000 schools across 15 states. One of ClassWallet’s clients is New Mexico Public Education Department, which uses the solution in its 23,000 classrooms across the state. ClassWallet is also used by the State of North Carolina to manage its education savings account grants.
Capital from the round will be used to expand its product offering and hire more staff to its business development and support teams.
ClassWallet founder and CEO Jamie Rosenberg said. “The new funding will help us to support the growing demand for our product as most school districts are seeking ways to reduce administrative overhead and improve quality control.â€
This funding round brings ClassWallet’s total equity raised to $7m. The company raised a $1.5m seed round in 2016 with Idea Bulb Ventures leading the investment. Other backers included Techstars Ventures and William Guttman.
Earlier in the year, Florida Funders took part in the $4m Series A round of B2B payments network Finexio. The Florida-based company removes paper-based checks for accounts payable teams through an API which assess which suppliers need to be paid and do so digitally.
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