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.
EverFi takes on the tough issues facing students. We teach, assess, and certify students in the critical skills they need for life. From financial literacy to digital citizenship and substance abuse, the company is powering a national movement to enable students to learn using effective technology. EverFi is building a new framework to finance and deliver content, technology and innovation into schools. The company boasts an integrated network of thousands of schools across the country that incorporate the EverFi...