ClassWallet, a market-leading platform that streamlines the tracking of education funds, has closed a minority investment from Brentwood Associates. ClassWallet represents the fifth education-related investment for Brentwood. Several existing ClassWallet investors also participated in the funding round.
Founded by Jamie Rosenberg, ClassWallet is a platform for school systems to disburse and track funds. The company also is gaining traction with university athletic departments for per diem expense management, as well as with states for education savings account management, an integral component to school choice. ClassWallet is currently used in over 850 schools and is working in some of the largest school districts in the United States, including Los Angeles Unified and Polk County, the first and 30th largest districts, respectively. ClassWallet plans to release the latest version of its platform in January 2017, which will include a highly innovative solution to allow schools to accept cash payments from parents without taking cash into the school building or classroom. Several districts are already working with ClassWallet to implement the solution. In partnership with Brentwood, ClassWallet will accelerate its product roadmap and invest in sales and marketing efforts to help expand distribution.
ClassWallet is the most recent investment in Brentwood Associates’ latest fund, Brentwood Associates Private Equity V, L.P., which held a final close in December of 2014. Other current and prior education investments include Excelligence Learning Corp., The Great Courses, Classroom Connect and Educational Publishing Corp.
ClassWallet is the leading end-to-end digital solution to manage funding within school systems. The platform combines funds disbursement, e-commerce, a reloadable debit card and tracking in a fully integrated manner designed for maximum simplicity and accountability. ClassWallet brings accountability to a $23 billion system that relies heavily on cash, checks, and purchase orders that add up to 40 percent transaction costs and a fund-spend-track lifecycle that takes weeks. ClassWallet reduces these transaction costs to less than 5 percent, and the transaction lifecycle to same day. For more information about ClassWallet, please visit www.classwallet.com.
Read the full announcement here.