Schola Inc., a Phoenix-based education technology company, has recently announced that it has raised $10 million as a part of its Series A round led by San Diego-based Channel Equity Partners, whose investment was partly backed by an undisclosed New York private equity firm. The round was also backed by other investors including Arizona Venture Development Corp., Revolution’s Rise of the Rest, EduLab Capital Partners and Portfolio.
With this fundraising, the startup plans to work towards launching a new marketing campaign to expand its nationwide reach and add employees to its software team.
Founded in 2016 by Jaime Martinez, Schola creates innovative solutions for students and schools. It strives to revolutionize the enrollment and retention process, freeing up funds to return them to the classroom where they belong. It is also free for parents to use. Schools can claim listings at no cost. The platform makes money via premium services it offers to schools to streamline their recruiting process. The EdTech firm, which currently has 65 employees, allows parents to select K-12 schools for their children based on specific needs and interests.
Schola claims to have served more than 100,000 families nationwide that use its online platform to search public, private, charter and online schools.
Commenting on the latest development, Founder & CEO of Schola, Jaime Martinez, said:
We’ve made a lot of strides on a national level. When we last raised our seed round, we were able to grow by setting up teams and infrastructure needed to service families across the country. We are going to come out swinging’. Families in New York and Los Angeles are driving a rise in demand for Schola’s online platform, although the company’s customer base is growing in Phoenix too. The company’s automated system allows families to navigate the school enrollment process, eliminating the need for several back-and-forth emails with school leaders.
Martinez further added:
Now, we’re working toward achieving our mission — helping students and families find their ideal schools based on the needs of students. As we continue working with partners all over the country, trying to understand what we can do to help them is the biggest lesson learned. We are helping schools save time and resources. We’ve learned a lot in the past couple of years since we received venture capital funding. It has accelerated our growth. In 2023, everything comes to fruition. We are going to be very aggressive. We are going to come out swinging and show we’ll be the owner of the [EdTech] space and help families across the country.
Since its inception, Schola has revamped its software platform and previously brought in $2.5 million in venture capital funding in 2021. Its online platform now operates in all 50 states and it has raised a total of $15 million.
According to Martinez, Schola aims to add a transportation component to its software that focuses on carpooling options in the future. It’s also looking to raise a Series B round of funding by early 2024.