The Problem: Parents who’ve split up often struggle to manage child care expenses.
The Epiphany: In 2011, divorced mom Sheri Atwood, then an executive at Symantec, was filling out an expense report, and she wondered if a similar system could simplify her own life. So she quit her job and sold her house to raise startup funds.
The Execution: SupportPay, which Atwood launched in 2013, is an online tool that lets parents track costs, send payments to each other, and avoid disputes by making the whole process transparent. Especially useful is a shared log of receipts, which helps ensure that money is going where it’s supposed to go.
The Result: SupportPay now has 42,000 users and landed $4.1 million in Series A funding last December. “The ultimate goal,” Atwood says, “is taking the kid out of the middle and looking for a way to keep both parents involved.”