HPA leads Series A Convertible Preferred financing round to accelerate the growth of this private online student loan search company
CHICAGO – Hyde Park Angels (HPA), a Chicago-based angel investor network, is leading a round of financing for EduLender, Inc., an online student loan search company based in Chicago. HPA is joined by Sandbox Ventures, LP, New World 2010, LLC, KD Capital N.A. LTD., Excelerate, LLC, and multiple individual angels including Sam Yagan, co-founder and CEO of Sparknotes and OKCupid. HPA’s Tony Wilkins will join the board.
EduLender’s value proposition speaks to borrowers and to schools. For students, EduLender is a one-stop destination to research and compare student loan options and understand the cost of borrowing to finance a college education. For schools, EduLender provides a comprehensive, unbiased, and independent site that is ideal for financial aid offices that want to refer their students to a neutral resource.
EduLender was founded by Sue Khim, who experienced first-hand the difficulties of navigating the current market for student loans as an undergraduate at the University of Chicago. EduLender’s unbiased search engine for student loan rates has received ongoing support from hundreds of colleges and universities since its launch. EduLender was one of the select companies invited to spend the summer in the Excelerate tech startup incubator, and is among the first Excelerate companies to gain professional funding. Series A funds will be used primarily for business development and marketing expenses.
“We are very pleased to be an investor in EduLender. The company is a great example of the entrepreneurialism that is developing in the Midwest.”
-Sam Guren, HPA Managing Director and former Managing Partner of William Blair Venture Partners.
“I couldn’t be more excited about the support and traction we’ve had over the last year,” said Sue Khim, Founder and CEO. “We’re now in an excellent position to really scale our infrastructure and accelerate the release of new products and features. We’re looking forward to helping thousands of schools and millions of students.”
Beyond the student loan search engine, the company expects to roll out related products and services including student loan consolidation. Hyde Park Angels — 5807 S. Woodlawn Avenue, Chicago, Illinois 60637