SAN FRANCISCO — Schoold, a new innovative college planning startup, has successfully closed a seed round of approximately $4.5 million dollars. Participating investors included FastForward, Lorne Abony, a serial entrepreneur and investor, and several other private investors. Funds will be used to extend and introduce new core functionality to the Schoold app as well as grow the company’s engineering and marketing teams. The funding comes on the heels of Schoold announcing the executive appointment of Joe E. Ross, a widely recognized expert education technology leader, as its President and COO.
Schoold’s funding reflects continued strong investment in the education-technology sector. According to CBInsights, from 2010 to 2014, funding in EdTech companies experienced a 503% growth in investment dollars, with global EdTech funding rising 58% in 2015.
“We’re excited to get this funding from FastForward, Lorne Abony and the rest of our investors. Their investment, coupled with the rapid adoption that Schoold’s app is experiencing, is a strong endorsement of our vision, approach and the underlying technology driving the product,” said Sourabh Ahuja, CEO of Schoold. “We look forward to building Schoold into the de facto, go-to-app for students and parents alike.”
Schoold also announced that since the release of its mobile app just 30 days ago, college-bound students and parents have downloaded its namesake app more than 500,000 times. Schoold is a college and career planning app that helps young people and their families plan their educational futures. Launched in late February in the Google Play Store, Schoold vaulted to the number one top free college search app. The following week, Schoold released its iOS app, which also climbed quickly to hover as a top-15 free app in the App Store. The Schoold app has an average rating of more than 4.5 stars and is available for free download in the App Store and Google Play.