News Archive 2009-2018

Bowdoin Trio Secures $10 Million in Funding for Financial Education Venture Archives


On the move: EverFi founders (l. to r.) Tom Davidson '94, Ramon Martinez '96 and Jon Chapman '96 secured $10 million in funding.

On the move: EverFi founders (l. to r.) Tom Davidson '94, Ramon Martinez '96 and Jon Chapman '96 secured $10 million in funding.

EverFi, Inc., the Web-based software company founded by Jon Chapman ’96, Tom Davidson ’94 and Ray Martinez ’96, has procured a big chunk of change from some heavy hitters to bolster the company’s mission of  teaching young adults to manage their money.

The company has announced it has secured $10 million in funding by some of America’s leading CEOs and venture capital firms, including Amazon founder and CEO Jeff Bezos, Twitter founder Evan Williams, and Rethink Education. Also joining in this financing are existing investors New Enterprise Associates, Inc. (NEA), Tomorrow Ventures (the investment arm of Google Chairman Eric Schmidt), Allen and Company, and Blackboard CEO Michael Chasen. EverFi had previously raised $11 million in 2010.

EverFi has built one of the fastest-growing education networks in the U.S. and has certified more than four million students in critical life skills. EverFi builds gaming and education platforms that focus on the tough issues facing students – financial literacy, student loan management, digital literacy, cyberbullying awareness, online safety, alcohol abuse prevention and sexual assault awareness, and says more skill areas will be announced this year.

EverFi has created an innovative financing system in schools by networking with more than 750 Fortune 500 corporations, leading foundations and university partners to pay 100% of the cost for schools and students. EverFi’s partners include Burger King, BBVA Compass, Capital One, Genworth Financial, Neustar, PepsiCo, the John Calipari Family Foundation and U.S. Bank.

“These are critical issues that put enormous pressure on students and families, and the validation from these investors speaks to that importance,” says Davidson, EverFi’s CEO.

“Our new investors have collectively built some of the most powerful networks in the world, and that experience will be extremely helpful as we build ours. If we succeed, we can quite literally change the trajectory of the lives of millions of students. It’s important that we do.”

The EverFi team also includes two other Polar Bears – Jon Cirome ’95 and C.W. Estoff ’01.