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Business Observer Thursday, Mar. 1, 2018 1 year ago

Area firm invests $735K in education startup

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Florida Funders sees big potential in Miami-based ClassWallet.
by: Business Observer Staff Writer

TAMPA — Florida Funders, a Tampa-based firm providing early-stage capital to Florida technology companies, invested $735,000 in Miami-based ClassWallet, a web-based spending management tool designed for the educational market.

According to a press release, more than 2,000 schools nationwide already use ClassWallet — which was invented by Jamie Rosenberg, now the company's president and CEO — to automate processes for transactions for more than 63,000 teachers and principals, freeing up tens of thousands of man-hours. Some of the processes include ordering classroom supplies, stocking offices, paying for conference expenses or running PTA fundraisers.

“It's exciting for us to support a project that employs the latest technology to solve a very practical problem that ultimately has such meaningful impact on real people ... especially kids,” states Tom Wallace, Florida Funders' managing general partner. “ClassWallet is a uniquely high value product with great potential.”

ClassWallet, according to the release, will use the investment to develop and implement functionality that will support management of education funding to families for tuition payments and other educational services and needs, a widely used educational model in Florida and other states.

The ClassWallet platform includes a virtual wallet, integrated eCommerce marketplace, reimbursement management, declining balance reloadable debit card and integrated crowdfunding powered by GoFundMe. It can digitally capture receipts and automate invoice and direct deposit payments, among other tasks.

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