Baltimore edtech startup Citelighter is expected to secure a hefty round of seed funding in the coming days. Citelighter provides students with a way to easily research, analyze and cite academic sources while writing quality school papers.
According to Baltimore Business Journal, the startup will close $2 million in equity financing in its second seed round. The company has already raised $2.6 million, $1.52 million of which came through in February from investors like John Cammack, managing partner of Cammack Associates; Frank Bonsal Jr., founder of venture-capital firms New Enterprise Associates and Red Abbey Venture Partners; and David Warnock, managing member of private-equity firm Camden Partners.
About half of the money raised in February came directly from Baltimore-area investors, which probably wouldn't have happened had Citelighter not chosen to relocate to Baltimore's Betamore tech incubator from New York in 2013.
Citlighter has expanded its offerings this year. By transforming its tool's capabilities from a virtual highlighter for users to find and capture facts online and then generate citations to automate the writing process to now also a way for teachers to interact and track the progress of students throughout the writing process, Citlighter has become a leading platform for grooming stronger writers, fast.
It looks like this rapidly-growing edtech startup will only continue to thrive, especially given its track record. Citelighter first raised $950,000 in 2013, with $100,000 from the Maryland Technology Development Corporation, and soon that lump total will climb to $4.5 million – a great way to kick off the New Year.
