a16z Backs Odyssey, Developer of Tech to Power K-12 Spending Accounts for Parents, Families

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Oct 26, 2022, 08:01 ET

Odyssey's online marketplace ensures transparency, ease of use as growing number of states launch programs to put education dollars in the hands of parents and families

NEW YORK, Oct. 26, 2022 /PRNewswire/ -- Odyssey, a platform that helps states connect families to public funding and education services, today announced its $4.75 million seed funding round led by a16z through its American Dynamism practice, which invests in founders and companies that solve important national problems.

Village Global, whose limited partners include Bill Gates, Jeff Bezos, and Michael Dell, also invested alongside Bling Capital, Packy McCormick, John Danner, Red House Education, Avalanche VC, and founders and early team members from Stripe, Wonderschool, Primer, Sora, Higher Ground Education, Factor, and Hellosaurus.

"We're on a mission to help state leaders translate a powerful policy idea into programs that touch the lives of families and children," said Joseph Connor, founder and CEO of Odyssey. "Making good on the potential of education savings accounts starts with ensuring that implementation is seamless and user-friendly for not just parents and families, but vendors – whom we connect to the platform. It demands a relentless focus on transparency and accountability to ensure that state leaders can safeguard taxpayer investments and quantify their impact."

States are increasingly launching new initiatives that provide state funds directly to parents to spend on education expenses. This year, more than 20 states, for example, introduced legislation to support programs known as education savings accounts (ESAs) or microgrants.

Odyssey (formerly known as Agora) is the first technology platform designed exclusively to support the administration of these state programs on behalf of families, vendors, and state leaders. Its team includes both seasoned educators and developers from tech giants including Google, Lyft, AngelList, and Flexport. Odyssey also has an in-house team of ESA and microgrant experts, including parents utilizing these programs.

"Our American Dynamism practice backs technology that transforms cutting-edge ideas into practice," said Katherine Boyle, a general partner at a16z and a member of the American Dynamism team. "Odyssey is emblematic of our vision. They are bringing the brightest minds in tech to bear on the implementation of policy that aims to put funds directly into the hands of parents. We are very proud to support them in building a mission-driven company that helps unlock more educational opportunity for families."

Last month, Odyssey was selected through a competitive procurement process to administer Idaho's $50 million Empowering Parents grant program. In the first 30 days of implementation, Odyssey successfully processed and verified over 42,500 student applications from 19,000 parents.

Odyssey will use the funds for product development, to accelerate hiring to meet high demand for its services, and to expand its services to additional states.

About Odyssey: Odyssey is the first platform designed exclusively for education savings account (ESA) and microgrant management. Led by a team of educators and developers, Odyssey takes a unique approach, combining a cutting-edge technology platform for enrollment and payment and high-quality user experience with on-the-ground engagement with parents and providers to increase participation in the programs. A turnkey solution, Odyssey is focused on making ESA and microgrant programs more accessible to families and more transparent for state leaders.
Learn more at www.withodyssey.com.

SOURCE Odyssey