ED + EDU: Edquity, a Brooklyn-based student financial services company, bought BridgeEdU, a Baltimore-based company that partners with community colleges and higher-ed institutions to support at-risk students with coaching, academic and financial aid support.
Founded in 2016, Edquity has received over $1.5 million in funding through investment and philanthropy partners include New York City Department of Education, LaGuardia Community College and Nevada State College, according to a statement Tuesday. Edquity raised $500,000 earlier this year from Lumina Foundation’s investment arm, Lumina Impact Ventures.
Founded in 2014, BridgeEdU claims to help clients increase an average increase of 20 percent in first-year retention. The company raised a $3.1 million seed round in 2016, also from Lumina.
As part of the deal, BridgeEdU Founder Wes Moore and former BridgeEdU board member David Roberts have joined the Edquity board. Also, Strada Education Network will invest an undisclosed amount in Edquity.
