Tulane Ventures Leads $1 Million Investment in New Orleans Education Startup
Tulane Ventures, a venture fund part of Tulane University’s Innovation Institute, has announced that it will lead a $1 million investment round in New Orleans education software startup Hilight. The fund will directly invest $250,000 in the company, which was founded three years ago by Claire Smith, a former St. Bernard Parish middle school math teacher.
According to reporting by NOLA.com, Smith developed the app after seeing area schools lose teachers in the wake of the pandemic. “After COVID, the profession felt impossibly difficult due to safety concerns, stressed students and parents, and staff burnout,” she said in a statement. “I kept thinking there must be a better way to celebrate the positive moments that happen daily in schools instead of dwelling on the problems, to support and retain talented educators.”
The app, developed by Hilight, aims to help schools evaluate teachers and improve staff retention. Smith contacted her former college roommate and software developer, Krissy Taft, to initially create a tool for peer-to-peer reviewing and information sharing. They jointly founded Hilight and have developed and grown their online tool, which they say can save schools up to $25,000 to replace lost staff.
The tool has evolved into “a multi-purpose, easy-to-use platform offering strategic insights and operational intelligence to school district leaders and principals,” according to Tulane Ventures. Hilight has been in “bootstrap mode” since it was founded, getting by with investment from their own sources as well as friends and family. The app is now in 135 schools across a dozen states and the money raised will be used to hire sales staff to expand into all 50 states over the next two years, NOLA.com reported.
Kimberly Gramm, managing director of Tulane Ventures, said the progress the startup had made in a short time was impressive. “The combination of strong early traction, a clear market need and measurable impact made it a compelling choice for us to lead this (investment) round,” said Gramm, who is also Tulane’s David and Marion Mussafer chief innovation and entrepreneurship officer.
In a unique move, students taking the venture investing course at Tulane’s A.B. Freeman School of Business conducted the due diligence and presented the investment to the venture fund, the university said. The Tulane Innovation Institute was founded three years ago as part of its growing downtown campus, with the aim of raising up to $100 million from alumni and other sources to support investments in entrepreneurship.
As reported by NOLA.com, the investment in Hilight is a significant move by Tulane Ventures to support education innovation in New Orleans. With the funding, Hilight aims to expand its reach and provide more schools with its teacher evaluation tool. The company’s growth and progress have been recognised by Tulane Ventures, which sees potential for the app to make a positive impact on education.
The investment in Hilight is a testament to the growing importance of education technology and innovation in the sector. As NOLA.com reported, Tulane Ventures is committed to supporting entrepreneurship and innovation, and this investment in Hilight is a prime example of that commitment.
Tulane University’s Innovation Institute has been at the forefront of promoting innovation and entrepreneurship, and this investment is a significant step towards achieving its goals. As reported by NOLA.com, the institute aims to raise up to $100 million from alumni and other sources to support investments in entrepreneurship, and the investment in Hilight is a significant milestone in that effort.
Overall, the investment in Hilight by Tulane Ventures is a significant move towards promoting education innovation and supporting entrepreneurship in New Orleans. As NOLA.com reported, the investment has the potential to make a positive impact on education and support the growth of innovative companies in the sector.
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