Propellant Ventures is excited to announce that we made an investment into Chicago-based Innovare, which empowers and guides educational leaders to develop strategies, project manage key initiatives, and measure impact in real-time for the people that they serve. The round was led by LA-based VamosVentures, which is one of the first Latinx-owned funds to focus on early-stage investments in technology-enabled companies led by Latinx and diverse founders with compelling products and solutions. In addition to VamosVentures, Propellant Ventures participated alongside other notable Chicago early stage investors.

“We are grateful to have Propellant Ventures as an investor in our company. We look forward to their support on our journey to empower education leaders with the only data strategy app they need to impact the people they serve.” -AJ DeLeón, CEO, Innovare

Some reasons why we liked this opportunity include:

- Domain Expertise of Founding Team - Innovare was founded by a team of technologists with experience in education at Chicago Public Schools and Fortune 100 companies such as Google and Accenture.

- Early Market Traction - Since launch, Innovare has generated recurring revenue with 65+ clients across 7 U.S. states.

- Exciting Lead Investor - The lead investor, VamosVentures, is one of the first Latinx-owned funds to focus on early-stage investments in technology-enabled companies led by Latinx and diverse founders with compelling products and solutions.

- Significant Industry Investment Growth - Edtech startups raised $13.3 billion in global venture funding in 2020, surpassing the previous record set in 2018 by nearly 50%.

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