Texas-based student financing platform Meritize has netted $6.8m in its Seed funding round.
Colchis Capital, Chicago Ventures and Cube Financial Holdings led the investment. Other participants to the round included ECMC, College Loan Corporation, University Ventures, City Light Capital, PC Squared and Meritize management.
Launched in 2017, the company helps students to access better student financing based on their academic achievements and data. The application is completed online, and goes beyond a student’s credit score to make better decisions and loan terms.
This capital will be used to support the growth, sales and marketing efforts and expanding its team. Equity will also be used to further the development of its platform.
Colchis Capital partner Jonathan Strike said, “We’re excited to partner with Meritize to bring a merit-based approach to financing student education in areas that have demonstrably successful outcomes for students, while also contributing positively to the overall social good.
“Meritize addresses a fundamental gap in our education system at a time when skills-based education is becoming increasingly important, and effectively training and re-training our workforce is critical for maintaining the health of our economy and citizens.”
Earlier in the month, Colchis Capital took part in the $25m Series B funding round in to digital lending support company Roostify.
Last year, Tuition.io, which supports students with their loan repayments, closed a $7m Series B led by Wildcat Venture Partners.
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