RaiseMe, the developer of a tool that lets high school and college students earn “micro-scholarships” from higher-ed institutions, has been acquired by CampusLogic, which provides financial support services for college students. Financial terms of the deal were not disclosed.
Founded in 2014, RaiseMe claims that more than two million students use the platform to learn about the micro-scholarships that colleges offer and track which ones they’ve earned. More than 330 higher-ed institutions on the platform, offering merit scholarships for upwards of hundreds of dollars for good grades, AP classes, community service and extracurricular activities. (Students only get that scholarship if they are admitted to that institution.)
RaiseMe has raised more than $32.5 million in venture capital, most recently in the form of a $15 million Series B round in 2018. The company does not charge K-12 schools or students; instead, colleges pay for the enrollment and student support services. Preston Silverman, its co-founder and CEO, told EdSurge last year that the annual fee ranges from $15,000 to the mid-six-figures.
CampusLogic, based in Chandler, Ariz., works with colleges and universities to help their students navigate the financial aid process and support opportunities. The company has raised $72.5 million since its founding in 2011, most of which came through a $55 million round in 2018. The company has acquired two other assets—a college cost calculator built by Cegment, and Funderbolt, a tool that lets students raise money to support tuition costs.
RaiseMe will retain its brand, and its 30 employees will remain in their San Francisco headquarters, according to the acquisition announcement.
