SFP Capital and Sagamore Ventures have invested $1.25 million in CWIST, a web platform supporting learning projects for students ages 3 to 103. The investments are the first in a planned $1.5 million round of funding and will allow CWIST to hire a team to strengthen and expand services for its current partners and grow its customer base.
CWIST has also relocated its headquarters from Annapolis to the new City Garage building in Port Covington. The renovated space at 101 W. Dickman Street is owned by Sagamore Ventures and is designed to be a hub for entrepreneurs, makers and innovators.
“We have had tremendous success in the engaged education space,” said CWIST Founder, Chris Sleat. “With this influx of capital, we are poised to support great maker companies as they help teachers engage students in ways they could only dream about before.”
SFP Capital, based in Severna Park, Maryland, provides young companies with financial and strategic support including seed money, strategic and tactical assistance, and leadership support. It focuses on companies that will be driving forces in several key areas of innovation: the health and well-being of the advancing baby-boomer population; the dynamic and continual shift to the internet; and the discovery and commercial development of technologies.
“We look for innovative companies that have potential and passion,” said Paul Serini, Chairman and CEO of SFP Capital. “CWIST’s mission, innovative education platform and its success in engaging educators in the maker space, was a perfect fit for us.”