BUDGET FORECAST: Baltimore-based Allovue, a school budgeting and finance software company, has raised $2 million in an extension of its Series A round led by Rethink Education, Serious Change, Kapor Capital and other angel investors.
The company announced the first part of the round back in January 2016; the latest raise brings the round’s total to $7 million. According to a company spokesperson, “The company is considering a larger Series B raise as part of its long-term growth strategy but is using this bridge financing to capitalize short-term opportunities and high customer demand driven by the regulatory environment.”
Allovue will use the money to increase “product offerings related to ESSA finance regulations” and for general growth and expansion costs, per a press announcement. The company has been particularly focused on district budgeting since the release of a dedicated budget module for its Balance software in 2017.
In 2014, Allovue raised an $800,000 seed round with input from the Maryland Technology Center (TEDCO), Baltimore Angels and Shulman Ventures.
