Edquity Raises Oversubscribed $2.4MM Seed Round from Leading Mission-Oriented Investors to Transform Student Emergency Aid
Investors and funders include
Edquity previously launched its evidence-based technology to administer emergency aid and predictively refer students to emergency resources in the
The technology successfully processed more than 100 applications within the first hour of being live and has since deployed nearly
Based on the success of this pilot, Edquity will be using the proceeds of the round to expand quickly through its national pipeline of colleges and universities.
"While only the public sector can address the root causes of poverty, we're showing at Edquity that we are transforming emergency aid provision to stopgap some of the symptoms, and are doing so in such a way that not only manifests a win-win-win revenue model but also presents a massive long-term growth opportunity," said
"We believe Edquity has the potential to more efficiently and cost-effectively manage emergency aid on behalf of universities and colleges across the country, ensuring students are able to access the vital funding they need to persist through and complete their studies," said
Three million college students drop out of college every year due to a time sensitive financial crisis. Further, millions of students struggle with food and/or housing insecurity. These issues are not experienced equitably, and students who disproportionately experience these issues include students of color, student parents, LGBTQIA+ students, veteran students, foster youth, and low-income students, among others. While colleges are increasingly investing in student financial success programs — with 50% of colleges now offering an emergency aid program — these programs are extremely expensive to manage and suffer from a variety of challenges that limit their efficacy. Grounded in the leading research of Edquity's Chief Strategy Officer
"We're excited to grow the number of colleges we work with over the next 18 months to support students around financial emergencies and their basic needs and move the needle around promoting greater equity in postsecondary education," said Helene. "With this funding round, we're now uniquely positioned not only to redefine emergency cash grant assistance for students but also to reimagine students' overarching financial experience in college, both as it pertains to their overall cost of living and access to financial services."
About Edquity
Edquity offers the first research-driven basic needs insecurity and emergency aid technology platform for college students, which includes emergency aid underwriting and disbursement functionality as well as a one-stop hub for social services referral. Informed by the research of Chief Strategy Officer Dr.
CONTACT:
917-941-1524
View original content:http://www.prnewswire.com/news-releases/edquity-raises-oversubscribed-2-4mm-seed-round-from-leading-mission-oriented-investors-to-transform-student-emergency-aid-300981318.html
SOURCE Edquity
Rep. Slotkin Statement on Court Ruling on Trump Administration Lawsuit to Strike Down the Affordable Care Act
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News