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Edquity Raises Oversubscribed $2.4MM Seed Round from Leading Mission-Oriented Investors to Transform Student Emergency Aid

BROOKLYN, N.Y., Jan. 6, 2020 /PRNewswire/ --A Edquity, a Brooklyn-based student financial success and emergency aid company, announced today that it has secured an oversubscribed $2.4MM seed financing round to expand its emergency cash grant and social services referral technology to additional colleges and universities.A  Investors and funders include ECMC Foundation, which led the round, with participation from the Omidyar Network, Spring Point Partners, the American Family Insurance Institute for Corporate and Social Impact, and Michelson 20MM Foundation.A  As part of the round, WGU Labs also made its first investment out of its new seed fund and will be overseeing a research study to assess the impact of Edquity on Western Governors University's student population in 2020.Edquity previously launched its evidence-based technology to administer emergency aid and predictively refer students to emergency resources in the Dallas County Community College District last October, only three days after 10 tornadoes swept the region. The technology successfully processed more than 100 applications within the first hour of being live and has since deployed nearly $100,000 in emergency assistance, having processed over 500 applications. Of those who have received aid, 75% have experienced housing insecurity, 34% have been homeless, 53% have experienced food challenges, 50% have had children, and 30% have had a child under the age of 5.A  Based on the success of this pilot, Edquity will be using the proceeds of the round to expand quickly through its national pipeline of colleges and universities.
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