Today, Sacramento-based startup SupportPay is announcing the successful close of a $4 million Series A round led by Fenway Summer Ventures. The round also had participation by previous investors as well as Moneta Ventures and Continental Advisors. As part of the new round, Fenway Summer Ventures’ managing director Javier Saade and Continental Advisors partner Paul Purcell will each be joining their board of directors.
“SupportPay is tackling a market where a quarter of a trillion dollars is exchanged annually in the United States alone,” said Javier Saade, managing director of Fenway Summer. “We are excited to lead the transaction and give SupportPay the capital it needs to tackle modern family finance and provide 21st century tech-enabled solutions for millions of families looking for a better way to manage child support.”
SupportPay provides a platform that makes it easier to track and even automate child support payments each month. Through their platform, parents can share expenses such as medical, child care, education, or extracurricular activities, speeding up the process of accounting for financial spending counter to the base amount owed each month. SupportPay, which touts nearly 40,000 parents and growing, is secure, private, and provides transparency on where money is being spent for the children by storing and sharing receipts.
The company will use the new capital to expand its team and scale their marketing initiatives. The company is also led by CEO and founder Sheri Atwood who was named one of our 50 women in tech dominating Silicon Valley list from 2015.
“I am excited to continue my mission of providing a modern solution for child support that uniquely positions us to take a family-first perspective – integrating all family members into the process to maximize the likelihood children will get the financial support they need.” said Sheri Atwood, founder and CEO of SupportPay by Ittavi.
To date, SupportPay has raised $7 million in outside funding since their launch in 2014.