Washington D.C.-based startup EverFi has just raised $11 million in Series A funding from New Enterprise Associates (NEA), with participation from TomorrowVentures and independent investors including Michael Chasen, the CEO of Blackboard.
EverFi has created a SaaS application for schools to help educate young adults on financial literacy, student loan default prevention, filing taxes, credit card debt and more. The application’s curriculum incorporates virtual worlds, gaming, social media and videos to help teach children these life skills.
For example, the company’s Buttonwood platform, aims to prevent teenagers from student loan defaults. The application includes a Second Life-like virtual world where users can learn and implement key financial literacy concepts, such as credit worthiness, the loan application process, interest rates and more.
Currently over 2,000 public schools in 47 states will be using EverFi, with the company’s reach expected to more than double in 2011. While EverFi’s technology is not free to use, the platform’s use in public schools is completely funded by outside corporations and foundations that license its programs. Partners include United Negro College Fund, Capital One, Genworth Corporation, U.S. Bank, PayPal, BB&T Corporation, and others.
The company plans to use the funding for new product development and additional hires.