A Milwaukee venture capital firm founded by Jennifer Abele and Raquel Filmanowicz led a seed round for a Penn State-backed edtech firm offering AI- and human-based technology to support the emotional needs of K-8 students.
As well as Milwaukee-based VC 414, the $1.2 million raised by TEAMology of University Park, Pennsylvania, came from Supes' Fund, White Rose Ventures, 1855 VC, Ben Franklin Technology Partners and Product 10X.
The investment adds the firm to VC 414's nine-company portfolio focused on startups founded by women and other entrepreneurs who historically have been undercapitalized. VC 414 launched at the start of 2023.
TEAMology was founded by Linsey Covert in 2016 as one of the first companies to emerge from Penn State University's Invent Penn State commercialization ecosystem. Since then, the company has focused on developing a personalized solution to meet students' social, emotional and mental health needs.
TEAMology signature product is TEAMtalk – an AI/human cloud-based software platform that provides kids an opportunity to talk with and be supported by characters representing different life skills like helping others, problem solving and anti-bullying/acceptance.
Partnerships such as Penn State and the public media company WQED, home of "Mister Rogers' Neighborhood," are helping to expand the work, TEAMology said.
"Our team loved TEAMology's student-first approach and focus on social, emotional, and mental health outcomes," said Abele, managing partner at VC 414. "Feedback from current customers has us excited that this platform is a winning solution for teachers, counselors, students, and their families alike. We're backing an incredibly smart team that is deeply versed in holistic student well-being as well as EdTech sales."
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The inclusion of The Supes' Fund in the seed round is significant. The Supes' Fund is made up of retired superintendents and education-focused experts seeking better management of students' mental health.
"One of the most pressing concerns we consistently hear from superintendents since the pandemic is that they lack sufficient resources to address the rising student mental health concerns," said Supes' Fund Managing Partner Doug Roberts. "We are invested in TEAMology because we believe that Linsey and her team have come up with a key solution to this challenge, and we want them to have the opportunity to engage with more district leaders across the country."
