MINNEAPOLIS, March 11, 2020 /PRNewswire/ -- Kaleidoscope Group, a company that has developed a software platform for the management of private scholarships and grants, today announced that it has secured $3 million in capital as part of its series A financing round from Rally Ventures. A total of $6 million in capital has been invested in Kaleidoscope Group since 2016.
The proprietary Kaleidoscope platform is used by private scholarship and grant sponsors to host their branded online applications, empowering them with an entire suite of integrated, easy-to-use tools. These tools power everything from online fundraising and donor relationship management, to applications, recommendations, scoring, selection, and award disbursement; it is also already used by hundreds of thousands of students to access education funding in an easy-to-use interface that replicates a marketplace experience. Clients include corporations, foundations and individuals. Kaleidoscope Group plans to use the series A funds to fuel the expansion of its sales and marketing efforts in the United States and to continue innovation within the Kaleidoscope platform.
"Our product leadership position in this market and success with clients and applicants has generated overwhelming interest in our solution from organizations and students," said Greg Dehn, Kaleidoscope Group Founder and CEO. "Our fully integrated, branded marketplace approach engages all participants, celebrating sponsors' brands while erasing the friction in what is a very tiring process for sponsors and student applicants today. Kaleidoscope is positioned well to bring tremendous value to a market increasingly hungry for more options."
With this investment, Justin Kaufenberg, Rally Ventures, will be joining the Kaleidoscope Group Board of Directors. "Justin is a superb leader with deep entrepreneurial and investment expertise and an impressive track record as co-founder and former CEO of SportsEngine," added Greg Dehn. "I've had an opportunity to learn from Justin the last few years, which is why I'm honored to have him and the Rally Ventures team part of our exciting future."
"We've been following Greg and the Kaleidoscope story for multiple years," added Justin Kaufenberg. "They have a network effect flywheel, powered by a true platform of record for the scholarship and grant market, that in turn creates inventory for their consumer facing marketplace. It is a Saas+ model that we know well and are excited about. Most importantly, they are deeply mission driven, led by a world-class Founder/CEO and run by a talented and passionate team."
"With capital ready to go to work, we are excited to expand the use of our platform and power even more organizations and students with the funds needed to help them gain the skills required to achieve their goals. We are grateful for the support from our existing investors and proud to welcome the diverse business and entrepreneurial talent of Rally Ventures. Our shared values and the opportunity to have a positive and significant impact on the lives of millions of people pursuing educational goals are what motivate and inspire our team, clients and investors every single day," Dehn added.
Kaleidoscope Group helps visionary organizations and advocates fund the next generation of leaders, artists, entrepreneurs, coaches, doctors and others on journeys to change the world. Kaleidoscope's software platform supports each funder's unique scholarship program design, creating access through low administrative cost and student choice through innovative and impactful program design solutions. For more information visit mykaleidoscope.com.
About Rally Ventures
Rally Ventures invests exclusively in early-stage business technology companies, focusing on entrepreneurs creating major new markets or bringing transformative approaches to existing ones. The firm was founded in 2012 by General Partners Charles Beeler and Jeff Hinck. Since 1997, Rally Ventures' co-founders and venture capital industry veterans have invested in or run early-stage enterprise business-to-business technology companies across the U.S. with a proven ability to deliver superior returns regardless of the overall market environment. For more information visit rallyventures.com.
Contact: Liz Reilly, 4015251775, firstname.lastname@example.org
SOURCE Kaleidoscope Group