US-based student financial aid provider CampusLogic closed a $7.5m series A round on Friday featuring a strategic investment by student loan provider Great Lakes Higher Education.
University Ventures, Select Venture Partners and Peak Venture Capital also participated in the round, which was led by investment firm Continential Investors. Unnamed investors that had previously purchased an undisclosed amount of convertible notes also converted them in the round.
CampusLogic has developed a cloud-based self-service financial aid platform for students. The tool verifies students and enables them to apply for a loan based on a detailed award letter from their university that spells out how much money they will need.
Universities can also use the service to gather data on loans across their student population. CampusLogic is currently available to more than 300,000 students across nearly 40 institutions.
The capital will fund software engineering and product support. CampusLogic hopes to add 20 new members to its team within nine months and expand its offering across 100 universities throughout 2016, and 200 by 2017.