Washington, D.C.-based edtech startup Interfolio raised $12 million in its first institutional funding round this week. The round was led by New York-based investment firm Quad Partners, with additional funding from previous investors including the locally-based NextGen Angels, Middleland Capital and Blu Venture. Interfolio developed a platform that acts as an aggregator and management system for people looking for careers in higher education as well as providing strategic decision-making for colleges and universities to use in their talent hunts.
"The demand for faculty tech is very strong and growing."
"It's been in the works for the last five or six months," said Interfolio CEO Andrew Rosen in an exclusive interview with DC Inno. "The money will allow us to catalyze our position and invest in zeroing in on academic decision support."
Rosen, best known as one of the co-founders of Blackboard, started working on the funding as his first big project after joining Interfolio in late June. He worked with Steve Goldenberg, the founder, former CEO and current chief product officer for Interfolio, to put together the deal. Quad Partners invests specifically in edtech startups, and will be sending a representative to join Interfolio's board.
"Quad Partners has a fantastic reputation in the education space. Now, we can accelerate growth and enhance our current software and services," Rosen said. "Our main focus is four-year and now two-year institutions but medical schools and hospitals associated with those schools are now signing on. We just had our best fourth quarter ever and we're expanding our suite of services."
The funding will also expand the size of the Interfolio team and may lead to a move to a new office next year, although Rosen said the plan is to stay in the D.C. area. The company has taken a lead on the faculty-focused edtech space even as the industry as a whole has heated up in the last several years.
"The demand for faculty tech is very strong and growing," Rosen said. "We're filling in the last edtech gap."
