Student loan provider Meritize has collected $13.2m in its Series A which was led by Colchis Capital.
Other contributions to the round came from CLC, Chicago Ventures, Cube Financial Holdings, ZZ Ventures, Socratic Ventures, ECMC Group, University Ventures, and PC Squared. The Meritize management team also contributed to the series.
This is the second equity round raised by the company this year, bagging a $6.8m seed round at the beginning of the year. Colchis Capital, Chicago Ventures and Cube Financial Holdings led the previous investment.
With the Series A capital, Meritize is expecting to scale its operations growth, bolster its technology and increase its talent acquisition. Alongside this, funds have been earmarked for its SkillsBuilding platform which helps students, educators and employers find quality skill-based careers.
Launched in 2017, Meritize helps students access better student financing by using an individual’s academic, military and work achievements to create a more accurate credit evaluation. The company aims to support those that are missed by traditional lenders due to a lack of credit profiles or a co-borrower.
Meritize CEO Chris Keaveney said, “We’re very pleased with the response from investors who share our commitment to expand funding for students across the credit spectrum and help employers close their skills gap.
“It allows us to continue our mission to bring together smart students and quality skills-based training with a direct path to employment, and as a result, contribute to a healthy economy by building a more vibrant skilled workforce.”
Earlier in the year, Colchis participated in the $29.5m funding round of real estate loan investment platform PeerStreet.
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