Edmit, an early-stage edtech startup based in Boston's Post Office Square, closed a $2.3 million seed round led by new investor Founder Collective, a seed-stage VC fund with offices in Cambridge, Mass. and San Francisco.
Rethink Education, which participated in the company's pre-seed round last year, and West Coast-based new investor Precursor Ventures contributed to the round, which closed in July.
The seed round, which incorporates a $855,000 pre-seed round announced in November, brings Edmit's total funding to date to $2.3 million.
"This round should give us two years of runway, at least," Nick Ducoff, co-founder and CEO of Edmit, said.
During this period, Ducoff added that he and Edmit co-founder Sabrina Manville will focus on long-term investments, including product development, product market fit and strategic hires.
Edmit provides an online, broker-like platform that helps high school students and their families get the best possible financial deal for college.
Tools to be added to the platform are in "imminent" release, Ducoff explained. New features include a personalized "financial fit" score for applicants at each school, a college financial planning tool to help families understand the impact of tuition on their finances, and a 'smart recommendation engine' acting like a college advisor for students.
Over the course of the two years, Edmit said it will add more employees - mainly with a background in product engineering - to its six-people team, currently composed by five full-time people and one co-op). In July, the company hired product manager Evelyn Hartz, who was previously an associate product marketing manager at Salsify.
Ducoff added that he's known Eric Paley, managing partner at Founder Collective, since 2012.
