Beanstack Raises $1.5M Growth Round

Beanstack, a Washington, DC-based provider of a solution for motivating people to read, raised $1.5M in funding.

The round was led by Riverside Acceleration Capital and Evoce Capital with additional investment from Mark Cuban, Kapor Capital, Militello Capital and others. Beanstack is seeking to raise an additional $500K under the same convertible note terms through March 31st.

The company intends to use the funds to accelerate its growth model and to further invest in its “Reading Culture Trailblazer” client marketing program.

Led by Felix Brandon Lloyd and Jordan Lloyd Bookey, Beanstack helps public and school libraries facilitate reading challenges and reading fundraisers. Beanstack for Schools uses proven gamification principles to motivate students to read, without using quizzes. The product is licensed by over 15,000 libraries and schools worldwide.

Collectively, Beanstack readers have logged over seven billion minutes of reading.