CampusLogic, an edtech company providing financial tools and resources to higher education institutions, has raised $120 million to expand its student financial success platform.
The Phoenix-based company received the whooping growth investment from Dragoneer Investment Group, a growth-oriented public and private investment firm based in San Francisco.
Founded in 2011, CampusLogic offers a full-fledged student financial success platform by providing tools and resources that help students manage scholarships, loans and other financial supports and remove barriers to higher education. While it was initially focused on digitizing paper forms and other manual processes involved in student financial-aid applications, CampusLogic now offers an array of services for students and higher education institutions. It helps students make informed financial decisions, research and obtain grants, loans and other financial support, connects them with opportunities like work-study programs, and helps raise money to cover their tuition and educational expenses, and institutions to manage the process digitally.
CampusLogic’s integrated platform provides various innovative financial tools, including net price calculator, a college-cost calculator that helps prospective students better understand the price and opportunities of different higher education programs, online scholarship management, digital award letters, simplified financial aid verification, and instant financial aid insights, etc. CampusLogic claims more than 750 institutions – ranging from community colleges, public universities, and private institutions – are currently using its platform, serving over 3 million students.
Commenting on the funding, Gregg Scoresby, Founder and CEO, CampusLogic, said in a statement,
“It’s never been more important for colleges and universities to prioritize student financial success, and no other organization in the world is investing more in removing the barriers in the financial aid process than CampusLogic. Our mission is to transform the financial aid experience from the time students are planning for college, while they are in college, and after they graduate. This investment from Dragoneer will allow us to further that mission.”
CampusLogic believes complicated financial processes often create barriers to student enrolment, engagement, and retention. According to its research, nearly 60% of students who don’t complete college report financial barriers standing in their way, and more than three million students every year drop out of higher education due to financial constraints.
The company plans to use the new fund to invest in new product development and make strategic acquisitions that will increase the scope of its student financial success platform, according to its press statement.
Christian Jensen, Partner at Dragoneer Investment Group, who will join CampusLogic’s board of directors, also commented in a statement,
“A rapidly increasing number of schools are realizing that the days of requiring students to mail or fax critical financial aid paperwork or visit a central office location for assistance and advising are behind us. CampusLogic gives students an innovative, efficient, and personalized way to access financial aid, and provides unparalleled solutions for solving critical problems for colleges and universities around accessibility, scalability, and completion. We look forward to collaborating with Gregg and his team to help accelerate the next phase of CamplusLogic’s growth and success.”
Earlier this month, CampusLogic acquired its third company, RaiseMe, a San Francisco-based platform helping students earn micro-scholarships from colleges and universities. Prior to that, the company acquired Funderbolt in 2019 and Cegment in 2017.
Meanwhile, with the latest funding, the company has raised a total amount of $192.8 million to date, according to Crunchbase. The investment is said to be Dragoneer’s first in education.
