ClassWallet has raised a $1.9 million seed funding round from NewSchools Ventures, Kaplan Ventures, William Guttman and several other angel investors. ClassWallet is a platform that manages the tracking and disbursement of school funds.
As school budgets shrink, an increasingly larger portion of procurement is being funded by corporations, foundations, parents and teachers to meet student needs,” said Jamie Rosenberg, ClassWallet’s founder and CEO. “The size of this market, up to $23 billion annually, and the amount of inefficiency and lack of transparency is staggering.” Organizations and school districts using ClassWallet include Harrington Park School District, Albuquerque Public Schools Education Foundation, Reading is Fundamental, Broward Education Foundation, as well as many others. Companies including Amazon, Office Depot, Best Buy, School Specialty, Scholastic and 40 more accept ClassWallet as a form of payment. Each provides ClassWallet with SKU level purchasing data, which makes tracking and reconciling of purchases seamless.