Video contribution by Xavier Smith
Instead of mounds of application paperwork and the angst of waiting weeks and wondering if you will get financed for college, it will only take a few clicks.
CampusLogic, the first student financial aid self-service platform, is moving the archaic method of applying for college money into a “mobile and modern experience,” CEO Gregg Scoresby said.
Exclusive interview with Gregg about raise and what’s next…
To fuel development of the product and boost sales and marketing efforts, they announced today the closing of a $7.5 million Series A led by Continental Investors (Chicago), with participation from Great Lakes Higher Ed, the largest financial aid services company in the US.
This round includes the successful conversion of an earlier $4.1 million raise led by NY-based venture fund University Ventures with participation from Continental Investors, Desert Angels, and Arizona Technology Investors-among other private investors.
READ: CampusLogic raises $4.1M to expand financial aid platform
This year has been big for CampusLogic, the company won the ACA Innovation Challenge with $250,000, Venture Madness with $30,000 and now the big Series A.
CampusLogic is currently installed at 40 schools with around 300,000 active accounts. This raise will bring 20 new jobs to their company by mid 2016, Scoresby said.
Institutions use the CampusLogic platform as their store front for financial aid and make it possible for students to feel as they are interacting with the school while accessing their accounts anytime through mobile devices.
The platform also helps parents and students gain “insight to what is happening in the financial aid world, what’s being offered by the institution, the ability to evaluate the award and provide educational video content [to inform them on the financial aid process],” Scoresby said.
Scoresby referenced a study where “40 percent of lower income students didn’t end up enrolling in financial aid because of the lack of understanding.” He hopes to change that with CampusLogic and provide a simple solution for students.
Scoresby said new features of the product will provide students and parents a snapshot of what their future looks like paying for a four-year higher education program.
Schools do a great job laying out the academic path to graduation, but how is a student going to pay for it, Scoresby explained. “[We want to give students a] true picture of what their financial commitment looks like later on. We think we can provide a four-year view and predict how effective they will be at funding that for the full life cycles,” he said.
As for continuing to build his ed tech company in Arizona versus another state, Scoresby said, “I wouldn’t consider building a company anywhere else,” in large part because of the support of the Arizona tech community.
“This raise is further evidence that Phoenix is a great place to build an ed tech community. There are many founders who are giving up their time to help – there is something really special happening here.”
Read more coverage about CampusLogic at AZ Tech Beat.