Maryland start-up acquired by provider of cloud-based software for K-12 education
TEDCO, Maryland’s economic engine for technology companies, announced a successful exit of the portfolio company Allovue, Inc., a Baltimore, Md.-based, fintech company. Allovue, Inc. was acquired by PowerSchool.
In 2013, the company received a $100,000 Seed Fund investment from TEDCO to support the growth and development of the company’s K-12 finance software and services.
Allovue started as a team of educators, technologists, education finance experts and data specialists who sought to build innovative solutions for maximizing student outcomes. By acquiring this entity PowerSchool is expanding their data and analytics capabilities, allowing for furthered support for K-12 organizational effectiveness, according to PowerSchool.
Exits create impactful returns for startups and investors, as well as more broadly supporting a positive outlook for the entrepreneurial community.
“We are happy to have connected with Allovue during the early stages of their journey,” said Teddy Gresser, director of TEDCO’s Seed Funds. “We encourage other early-stage technology and life science companies to reach out and explore the opportunities, resources, and support TEDCO offers to help identify different ways to encourage positive growth for businesses throughout Maryland.”
TEDCO provides funding, resources and connections for early-stage technology and life-science companies, working to support a thriving, sustainable ecosystem in Maryland. For more information about opportunities and how to apply, visit https://www.tedcomd.com/funding.
About TEDCO
TEDCO, the Maryland Technology Development Corporation, enhances economic empowerment growth through the fostering of an inclusive entrepreneurial innovation ecosystem. TEDCO identifies, invests in, and helps grow technology and life science-based companies in Maryland. Learn more at www.tedcomd.com.
