D.C.’s EverFi raises $11M in first VC round
District-based EverFi, a developer of cloud-based financial literacy programs for high school and college students, said Thursday it has raised $11 million in its first round of venture funding.
The Series A round, led by Chevy Chase-based New Enterprise Associates, will allow the early-stage company to grow beyond its handful of employees, hiring aggressively in D.C. and expanding its workforce in the field, said CEO Tom Davidson.
The company until now had been entirely bootstrapped, he said.
EverFi projects more than 2,000 schools across nearly every state in the U.S. will make use of its software.
The company uses a mix of social media, gaming and other simulations to teach students about personal finance, student loans, fraud protection and other subjects.
“There is an enormous crisis in public education,” said Davidson. “What’s being left behind are courses and programs that teach practical life skills.” Instead of public funds, schools’ use of EverFi’s software is paid for by foundations and corporate giving.
Also participating in the round were Palo Alto, Calif.-based TomorrowVentures LLC and D.C.-based Blackboard Inc. CEO Michael Chasen.