Today we welcome Mike Murphy, CEO and Co-Founder of ProctorFree and Kevin Eckert, Partner with TFX Capital to the podcast.
Mike served in the Army and later worked as a defense contractor. Prior to starting ProctorFree, Mike worked as marketing director for Everblue Training Institute, a startup focused on marketing environmental sustainability and green building (Jon Boggiano – Founder of Everblue was on guest #3 on the podcast – listen to it here).
ProctorFree is an on-demand, convenient, and cost-effective online proctoring solution for education and corporate environments. The ProctorFree platform allows organizations to elevate their credibility and reputation while providing convenient learning opportunities for a global audience.
Kevin is originally from Update New York and joined marines before ultimately ending up in Charlotte. He worked for a private equity firm where he got the start-up bug. In 2018, he joined TFX Capital. TFX Capital is a founder focused venture capital firm led by former military leaders, investing in seed and early-stage Veteran-led businesses and startups.
ProctorFree has been through successes and challenges over its years as a business and TFX Capital has been right there with them for almost the entire time. As such, we dive into what those successes have been and how they’ve had to tackle the challenges. This means the tough discussions and decisions Mike has had to have with his investors, the hard decisions he had to make to keep the business afloat at its low point and how they have been able to grow through the pandemic. All this brings us back through the core vision of TFX Capital investing in former military leaders and why they see those founders as great CEOs.
This is a great podcast with founder and investor. It shows the strength of good relationships between the two and how making tough decisions can lead to results over time.
Mike shares the stories how they recognized problems in testing, staffing and their milestones, as well as the actions they took during the pandemic. Kevin shared what the focus for TFX Capital and their portfolios companies was in 2020 and how they executed it throughout the year.
We also here from Kevin on the importance of the start-ups knowing when it is time to raise the next round of capital.
At the end of the podcast, Mike describes the four customer segments of ProctorFree (1) higher education institutions (2) on-line courses and training (3) professional certifications and (4) brand name dedicated companies.