Kaleidoscope, a Minneapolis-based platform that connects companies, foundations and high-net-worth individuals offering scholarships and grants to students seeking financial aid has received a $3 million Series A round of funding from Rally Ventures, EdSurge has reported.
Kaleidoscope raises revenue by charging private scholarship and grant sponsors a licence fee to host their scholarship application on its platform. To apply for a scholarship, students create accounts and upload their essays and other information requested by sponsors. The platform if free for students who can apply to multiple scholarships.
This latest round brings the company’s total amount raised to $6 million since founding in 2016.