Richmond entrepreneurs Michael Bor and Chris Bossola have closed a $4.5 million funding round for a new education-focused venture.
Bor founded used-car retailer CarLotz, and Bossola founded clothing retailer Need Supply Co. Both had left their companies in recent years and were looking for new opportunities. They have known each other for a decade, having met through a business roundtable group. Bor approached Bossala about his idea of building a company around endowments for public high schools, and The Endowment Project was born.
The genesis of the idea came in 2020 when CarLotz went public. At the time, Bor’s high school, a private high school with a $1.5 billion endowment, contacted him seeking a donation after his personal wealth grew through the IPO. Bor talked to fellow CarLotz founder Will Boland, who attended a public high school, Douglas S. Freeman, and asked if his high school had contacted him. Boland said it had not.
“I tucked that away and thought it was unfortunate…
Read the full story from the Washington Business Journal.
