Smowltech is growing, and with the closing of its first round of financing, it strengthens its mission and commitment to produce a global impact in education and society.
The social impact and our first round
The Spanish EdTech startup Smowltech closes its first round of financing of 1.65 million euros, led by social impact funds such as the Finnish Sparkmind, the Bolsa Social Fund, Wayra and other angel investors’ participation.
Social impact objectives of this funding round
At Smowltech, we work with different institutions to strengthen our social impact. More specifically, we want to facilitate access to quality education through the online channel. Our work links to several sustainable development goals, particularly access to quality education and CO2 reduction.
To do this, we are working on corporate social responsibility actions to achieve and measure the following objectives and indicators:
- Strengthen the quality of online training.
- Improve accessibility to university and corporate education.
- Reduce the environmental impact of travel to examination centres.
The news of our first round of financing acquisition was recently confirmed. This first round will allow us to grow and continue developing our SMOWL proctoring tool.
We want to thank everyone for the congratulations and the messages you are sending us. It has been an energy boost for the entire Smowltech team.
Smowltech is an EdTech startup with a mission: to strengthen online learning to improve accessibility to quality education. We want to empower users to access new learning opportunities to improve their quality of life significantly.
With the closing of this first round of financing, we will continue to develop our proctoring technology. We are primarily strengthening the product and marketing teams and consolidating our presence in the European and Latin American markets.
Social impact and Sustainable Development Goals
Smowltech supports more than 100 educational institutions, companies, and governments to provide confidence in online learning processes (exams, certifications, recruitment…).
The SMOWL monitoring solution is key to ensuring the credibility and quality of online education providers, as it significantly mitigates the risks of fraud during online assessments.
At the same time, in line with the United Nations Sustainable Development Goals (SDGs), online education can accelerate universal access to education. In that way, Smowltech can contribute to the generalization of quality education (SDG 4) while facilitating the development of students’ socioeconomic status.
In particular, online education helps overcome physical obstacles for all people. It removes geographical barriers for students located in remote places. In addition, it facilitates the social inclusion of low-income people who cannot afford the costs of travel or accommodation during training programs. Additionally, online education provides flexible learning pathways. That is for users who want to study to improve their socioeconomic status but have work schedules or family commitments incompatible with face-to-face training.
The main participants of our first round
To strengthen ourselves and fulfil our mission, we have been able to count on funds such as Sparkmind. The Bolsa Social Fund has also joined to help us produce a global impact on education and society. And another help has come from Wayra. Let’s get to know our new allies a little more closely.
Who is Sparkmind?
Sparkmind is the first Nordic venture capital fund focused exclusively on the learning sector. The fund invests in teams that transform how the world learns from the early stage to B-Series.
Their investments focus on social impact solutions that improve learning outcomes, increase learning access and efficiency, or use data insights to better support educators and students.
And now, Sparkmind has decided to support our project’s first round of funding.
About the Bolsa Social Fund
Bolsa Social Impacto FESE has also wanted to support our round of financing. The Bolsa Social fund is a social impact fund. It invests in early-stage Spanish startups (pre-seed, seed and A-series) with high growth potential and the mission of producing a measurable and positive impact on society and the environment. Registered by the CNMV as a European Fund for Social Entrepreneurship (FESE), it is supervised by the management company Analistas Financieros Internacionales (Afi Inversiones Globales, SGIIC). Its advisory team is led by José Moncada, founder of Bolsa Social. The Fund has made investments in companies with an impact on health and well-being, inclusive and quality education, responsible production and consumption, climate action, and social integration and development.
Wayra also bets on the social impact of Smowltech
Wayra is the entrepreneurial initiative of Telefónica’s Open Innovation program. It has facilities in nine countries in Latin America and Europe, through which it invests and supports different startups. In addition, the Wayra Activation Program offers entrepreneurs exclusive and free access to new technologies through Telefónica’s platforms.
Do you also want to contribute to the social impact of proctoring?
We still have a long way to go, and this funding round is just the beginning!
We strongly believe that technology can have a relevant social impact, helping us reinforce online training quality.
If what you have read excites you, now is the time to look for your opportunity.
We are looking for profiles that can fit into our team and with our values to continue growing.
Check the offers we have available, and if you want to become a Smowler and have a real social impact, we will be happy to meet you!