HELSINKI, 10 June 2022
Sparkmind.vc and FBS lead a €1.65m equity round financingfor Smowltech.
The Spanish EdTech startup Smowltech closes an equity financing round of €1.65m, led by Sparkmind, one of the top three European VCs specialised in education, and Fondo Bolsa Social, a Spanish social impact fund, with Wayra Telefonica, a corporate VC, also participating. With the closing of the investment round, Smowltech is committed to strengthen its product portfolio from existing computer and webcam monitoring based solutions to a 100% end-to-end automatic proctoring solution with limited or no human intervention. Lowering the customers’ costs of exam monitoring, Smowltech targets to be the most used and reliable proctoring tool of the marketplace.
Smowltech has the mission of building trust in online learning by improving accessibility to education and new opportunities of learning. Currently Smowltech is supporting more than 100 educational institutions, corporations and public sector organizations to provide trusted e-proctoring services for their online learning processes (exams, certifications, recruitment). Operating currently mainly in EU and Latin America, Smowltech invests to expand its direct sales and marketing operations and to enhance their indirect sales channels worldwide.
Marko Kyyrönen, Managing Partner at Sparkmind.vc commented: “Smowltech is responding to the increasing requirements on reliability of remote testing processes in the age of accelerating use of online learning solutions andremote exam tools. Trusted e-proctoring solutions are not only increasingly needed in higher education, but also in corporate learning and in the public sector. Enabling access to high quality e-learning, reducing the need for travel and establishing a fair learning environment for all offer the foundations for future growth. We’re excited to build on the growth momentum the company has already generated.”
Ricardo Vea, Founder & CEO of Smowltech,added: “Our commitment is to achieve a world with access to quality education, reducing the barriers that prevent it, thus creating better opportunities for all. We are sure that solutions like ours really have a positive impact on users' lives. Sharing these types of values, which are the basis of our business at Smowltech, allows us to continue innovating and improving the quality of our service”
Smowltech is an EdTech startup with the mission of building trust in online learning, in order to improve accessibility to quality education, and as a consequence empower users to access new opportunities of learning that can improve their quality of life.
Alex Vea, CSO, firstname.lastname@example.org, +34 649 15 92 09
Sparkmind.vc is the first Nordic venture capital company exclusively focused on the learning sector. The company invests from Seed to Series B stages in teams transforming how the world learns. Its investments are focused on solutions that improve learning outcomes, increase access and efficiency of learning or use data insight to better support educators and learners.
Marko Kyyrönen, Managing Partner, email@example.com,+358 44 506 9740