As its revenue and customer base doubles, a Raleigh-based education startup has raised $3.5 million to support its growth.
The company, Element451, offers a student admissions and marketing platform that's intended to help colleges and universities better engage with students to improve enrollment and retention. The financing will support the company as it invests in areas like behavioral marketing and one-to-one student-centered communication, the company said in a statement.
California-based Blueprint Equity, a technology-focused growth equity firm, led the funding round. While the company's statement didn't include the size of the round, Element451 reported raising $3.5 million of equity from four investors in an Oct. 12 securities filing. According to the filing, proceeds from the raise will be used for working capital.
The financing follows the company raising more than $3 million last year and $1 million in 2019, according to securities filings.
The private company has experienced rapid growth over the last few years, doubling its revenue and customer count year-over-year since 2020. Element451 works with institutions of all sizes, including local schools, like Wake Technical Community College.
The company's growth comes as higher education looks at a future of declining enrollment as the number of college-age students drops off in the coming years. Interest from students in top schools, like UNC-Chapel Hill, N.C. State University and Duke University, may not wane, but other institutions could find it harder enroll students in a shallower pool.
"Or mission has always been to provide a platform specifically for higher education while responding to the changing needs of today's learners," CEO Ardis Kadiu said in a statement. "As students and institutions adapt, we are providing our partners with the recruitment and engagement software they need to give students a digital, personalized and frictionless experience from admission to graduation and beyond."
