Kaleidoscope Group Closes $1.3 Million Series Seed Funding Round
MINNEAPOLIS, February 9, 2018-- Kaleidoscope Group, a public benefit corporation that designs, administers and hosts private scholarships, today announced that it has secured $1.3 million in capital as part of its series seed financing round. The oversubscribed round was led by the Gopher Angels and includes participation from Yonoventures, LLC, and multiple individual and existing investors, including gener8tor. A total of $1.7 million in capital has been invested in Kaleidoscope Group since 2016.
The proprietary Kaleidoscope platform is used by private scholarship sponsors to host their branded scholarship websites and support their review and scoring processes; it is also used by thousands of students to access education funding in an easy-to-use "common app" that replicates a marketplace experience. Clients include corporations, foundations and individuals. Kaleidoscope Group plans to use the series seed 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 early clients has generated overwhelming interest in our seed financing round," said Greg Dehn, Kaleidoscope Group Founder and CEO. "We are grateful for the support from our existing investors and proud to welcome the diverse business and entrepreneurial talent of our new shareholders. 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."
With this investment, Jeff Peterson, Gopher Angels member and CFO, Cardinal Glass Industries, will be joining the Kaleidoscope Group Board of Directors.
"The Gopher Angel investment group has a great deal of confidence in the Kaleidoscope team," added David Russick, Founder and Managing Director, Gopher Angels. "The company will have a huge impact connecting college-bound students and their families to private scholarship opportunities. We look forward to working with the management through our board seat and helping with their future success."
"Kaleidoscope's business model is powerful and impactful," observed Michael Yoon, Founder, Yonoventures, LLC. "Their branded marketplace approach engages all participants, celebrating sponsors' brands while erasing the friction in what is a very tiring process for students today. Kaleidoscope is positioned well to bring tremendous value to a market hungry for more options."
Eric Martell, Managing Director at gener8tor Minnesota, stated, "gener8tor is committed to investing in Minnesota's best and brightest. We're proud to support Kaleidoscope as a local startup, and we are thrilled that Kaleidoscope will in turn facilitate a process that invests in the best and brightest of the next generation."
"With capital ready to go to work, we are excited to expand the use of our platform and connect even more students with the funds needed to help them gain the skills required to achieve their goals," Dehn added.
Kaleidoscope Group (http://www.mykaleidoscope.com/) is a public benefit company that 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.
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