Area firm invests $735K in education startup

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Florida Funders, a Tampa-based firm providing early-stage capital to Florida technology companies, invested $735,000 in Miami-based ClassWallet, a web-based spending management tool designed for the educational market.

According to a press release, more than 2,000 schools nationwide already use ClassWallet — which was invented by Jamie Rosenberg, now the company’s president and CEO — to automate processes for transactions for more than 63,000 teachers and principals, freeing up tens of thousands of man-hours. Some of the processes include ordering classroom supplies, stocking offices, paying for conference expenses or running PTA fundraisers.

“It’s exciting for us to support a project that employs the latest technology to solve a very practical problem that ultimately has such meaningful impact on real people … especially kids,” states Tom Wallace, Florida Funders’ managing general partner. “ClassWallet is a uniquely high value product with great potential.”