ALLOVUE VERY MUCH: Allovue, a K-12 finance software company, has raised $4 million in a Series A-2 round led by Macquarie Capital, according to a press release.
Founded in 2013, the Baltimore, Md.-based company offers finance tools to help school districts and state education agencies manage their budgets. Allovue’s flagship product, Balance, is an online platform that makes it easier for K-12 administrators to understand and control their school’s spending data. It claims to have helped districts that collectively serve more than a million public school students find unspent grant funds and accounting errors.
With this influx of capital, the company will expand its existing tools and develop new ones to help districts meet the fiscal reporting requirements under the Every Student Succeeds Act (ESSA), which go into effect later this year, according to the release. Allovue employs 25 people and has raised $13 million to date.
