Online college advisory platform, Admittedly, who rolled out of ERA last Fall, has raised $1.2 million in seed funding from investors including Quotidian Ventures, RRE Ventures, and Correlation Ventures, as well as angel investors, including Joanne Wilson.
It’s no wonder. Admittedly is reshaping college discovery by expanding the market to start working with students (and their parents) as early as the summer after 8th grade, to help shape their high school journey – and increase their chances of getting into the college of their choice.
Admittedly is the ultimate online college advisory platform, with free tools for high school students, their parents, and high school guidance counselors.
The company uses OkCupid-like questions to match students to their ideal colleges, based on their personalities, interests, academic goals, and location preferences, and then categorize each school as a Reach, Target, or Safer, based on a student’s high school resume data. Admittedly then offers a free college prep curriculum to help students improve their chances of getting into their target college, and manage their applications. Counselors can also access the free tools to monitor their students’ progress and send reminders.
Cofounder Emily Cole tells us about their journey to funding.
What was the funding process like?
Last summer we participated in ERA (Entrepreneurs Roundtable Accelerator) and that opened up a lot of doors for us. We benefited greatly from the program in numerous ways and fundraising was definitely one of them.
What are the biggest challenges that you faced while raising capital?
We began raising pre-product, and while we were confident that we had a great idea with a large market and a team with deep domain experience, we did not have a product to show off all of the incredible features that are now on the site, and relied on selling investors on what was to come.
What factors about your business led your investors to write the check?
We are solving a large problem. The average ratio of students to guidance counselors in this country is 476:1, so even if a student has an amazing counselor, they’re most likely not getting much time or guidance on what is such a huge decision to make.
What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?
Getting the first money in is the hardest part. Don’t get discouraged, and if you continue to receive the same feedback over and over, it’s alright to rethink your pitch, your product or your revenue model.
Where do you see the company going now over the near term?
We are focused on growing our user base and becoming the one-stop shop for all things college admissions for students, their parents and counselors alike.
What was your favorite after-school activity in high school?
I was a peer counselor at my high school. Psychology has always been of interest to me.
What’s your favorite after-work activity now?
I love going to barre classes, especially with my business partner. Jess Brondo Davidoff.