Kaleidoscope Raises $2 Million in Additional Funding to Accelerate Growth and Transform Education-Based Philanthropy The funding round co-led by Rally Ventures and 3x5 Partners follows Kaleidoscope’s 2x year-over-year growth.
Minneapolis, MN
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August 08, 2023 08:03 AM Central Daylight Time
Kaleidoscope, the leading full-cycle scholarship management platform operating in the education-based philanthropy sector, today announced it raised $2M in a Series A2 funding round. The investment was co-led by Rally Ventures and 3x5 Partners, with participation from existing angel investors.
The philanthropy sector is a vast $500B per year industry that allocates more than $160B per year to scholarships and grants for higher education and advancement. However, the sector has long been in need of modern, tech-driven solutions to streamline processes and enhance accessibility for applicants and sponsors.
Kaleidoscope’s market-leading platform makes it easy to host, manage and operate branded scholarship and grant programs — allowing sponsoring organizations, donors and applicants to seamlessly connect. The company's breakthrough solution includes a full-service disbursement capability that dynamically distributes and tracks funds awarded to recipients and a unified communications tool that simplifies messaging for applicants, sponsors and supporters.
"This investment represents a vote of confidence in our team, vision and ability to transform education-based philanthropy, and in the significant growth and milestones we’ve already achieved in a very short time,” said Jason Von Bank, CEO of Kaleidoscope. “With the additional capital, we will further scale our team and drive product innovation, reinforcing our position as the undisputed leader in the scholarship platform space."
"We firmly believe that Kaleidoscope's platform has the potential to revolutionize the way scholarships and grants are managed, making it easy for sponsors to reach the right students and for applicants to reach their highest potential,” said Justin Kaufenberg, Managing Director at Rally Ventures. “The new financing reaffirms our commitment to Kaleidoscope and to driving positive change in education-based philanthropy."
With the new infusion of capital, Kaleidoscope is set to accelerate its expansion and innovation, bringing its platform to more organizations and students across the nation. The company remains focused on its mission to channel more dollars into the hands of more students, expediting the scholarship and grant allocation process for the benefit of everyone.
About Kaleidoscope:
Kaleidoscope is a full-cycle scholarship management platform enabling organizations to fund, design, administer and host branded scholarship and grant programs. The platform uses leading technologies to deliver an end-to-end solution for sponsors, organizations and those they support. Kaleidoscope is building a future where financial aid and funding solutions are smart, cost-effective and as unique as the applicants they serve.
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Rachel Subasic
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