Photo from left: Rosalyn Curato, Jess Gartner, Jason Becker
BALTIMORE, MD (February 11, 2019) - Allovue, an education finance technology company, has raised a $4 million Series A-2 round led by Macquarie Capital, to support the Baltimore-based startup’s continued growth.
Allovue supports school districts and state departments of education in budgeting and managing financial resources for over one million K-12 public school students. With a combination of cutting-edge education finance tools and support from subject matter experts, Allovue has helped districts strategically reallocate millions of dollars by uncovering unspent grants and accounting errors. Allovue has also worked with districts to redistribute hundreds of millions of dollars to the school-level to increase principal autonomy and improve resource equity.
Allovue’s latest products help districts facilitate a variety of allocation and budget strategies, including zero-based budgeting, weighted-student funding, and priority-based budgeting. “Districts are increasingly taking a more strategic approach to align budgets to strategic priorities for students,” said founder and Chief Executive Officer Jess Gartner. “Our tools are highly configurable for a variety of budgeting approaches with the added benefits of real-time collaboration and data quality control, so districts are producing more strategic budgets in less time with fewer errors.”
“Allovue is unique in its ability to serve a wide array of education constituents. It is supportive of principals, who have increasing budget autonomy, as well as administrators and taxpayers, who are more accountable than ever due to heightened transparency,” said Larry Handen, Head of principal investing and private capital markets for the Americas, Europe and Asia at Macquarie Capital, the corporate advisory, capital markets and principal investment arm of Macquarie Group. “The cost and time efficiencies that Allovue delivers benefit the entire education system, and most importantly, students benefit from sustained funding of the most impactful programs.”
The latest round of funding will be used to increase Allovue’s capacity to meet a surge in demand for modern financial tools in response to new fiscal reporting requirements in the Every Student Succeeds Act, which takes effect this summer.
“Macquarie is committed to supporting innovative entrepreneurs who are transforming education by combining first-hand education experience, public policy insights, and technology to drive new solutions,” said Allison Harden, Senior Vice President at Macquarie Capital. “Jess Gartner is a true pioneer in the emerging field of EdFinTech. She is not only raising awareness but has also created products to help school districts distribute their budgets equitably.”
Founded in 2013, Allovue currently has 25 employees and has raised a total of $13 million in funding.
Allovue provides innovative education finance technology solutions to educators nationwide to help them budget, manage, and evaluate school spending. The Company also provides districts with supplemental services including funding equity analysis, diagnostic surveys, and financial management training. Allovue’s flagship product, Balance, is an online software platform designed to help K-12 administrators access, understand, and control their financial data. Built by a team of education finance experts, Balance integrates seamlessly with existing accounting systems. With the ability to collaboratively develop staffing and spending plans aligned to district goals, view account balances, track spending, and connect budgets and expenditures to performance metrics and other non-financial indicators, Balance makes strategic and equitable financial management a reality.
ABOUT MACQUARIE GROUP
Macquarie Group is a global provider of banking, financial, advisory, investment and funds management services. Founded in 1969, Macquarie employs over 14,800 people and has assets under management of more than $397.2 billion (as of September 30, 2018). For more information, visit www.macquarie.com.