Kaleidoscope Group, a company that has developed a software platform for the management of private scholarships and grants, announced that it secured $3 million in capital as part of its series A financing round from Rally Ventures.
The latest funding raises the firm’s total funds raised to date to $6 million, according to the announcement.
Kaleidoscope’s proprietary 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,” the company said.
Additionally, the platform 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.
Rally Ventures, the lead investors in the funding round, invests exclusively in early-stage business technology companies, focusing on entrepreneurs creating significant 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 US with a proven ability to deliver superior returns regardless of the overall market environment.
With this investment, Justin Kaufenberg of Rally Ventures, will be joining the Kaleidoscope Group Board of Directors.
Earlier, software giant Acronis acquired 5nine, a US-based provider of virtualization security and management software for the Microsoft Cloud, for an undisclosed amount.