Edtech startup ProctorFree has raised new funding as demand for remote testing increases.
Charlotte's TFX Capital announced the funding earlier this month. Kevin Eckert, partner at TFX, said the firm was working on a round with ProctorFree prior to Covid-19, but the outbreak accelerated the process.
The edtech startup, founded by in 2012 by Mike Murphy, is an online proctoring solution for education and corporate environments.
"With everyone having to hunker down and learn from home, the product is in extremely high demand," he said. "We were able to bring some additional investors in and raise a bit more than originally planned."
Both Eckert and Murphy declined to disclose the funding amount because the round is still open. Eckert said he expects the round to close in June.
Murphy said demand for the company's software has increased exponentially due to Covid-19. Since March, Murphy said they have brought on 33 new clients.
“We’re facing unprecedented times in the space we’re in,” said Murphy. “The industry is going through rapid change with training and education being pushed online.”
The funds, Murphy said, will be used to grow and scale the platform and the team, which will support the sales efforts and new customers.
"We've also been focused on platform stability, so anyone already working with us doesn't experience platform disruptions," he said.
TFX first invested in ProctorFree in 2015 through its Fund 1. The startup was TFX's second-ever investment.
