MasteryPrep, a Baton Rouge-based technology company that sells standardized testing software and training material to schools, completed a $2.3 million fundraising round from a group of investors.
The financing came from the new Red Stick Angel Network; Jennifer and Sean Reilly of CEO of Lamar Advertising; and the William C. Schumacher Family Foundation, created by William Schumacher founder of Lafayette-based SCP-Health; and Carolyn Doerle, chief executive officer of Doerle Food Services LLC in Acadiana. The Red Stick Angel Network is led by Bill Ellison, who also leads Innovation Catalyst. MasteryPrep is its first investment.
"We will be using these funds to hire more staff, release our new SAT Mastery product and triple the number of students served by 2022," said Craig Gehring, chief executive officer of MasteryPrep.
MasteryPrep expects to hire 15 more employees in the coming months as it expands to SAT testing this month. It hired a new chief technology officer, Chris Jones, who will be overseeing more educational software development at the company. The company expects to hire 25 employees by 2021 in addition to 75 part-time workers.
MasteryPrep, founded in 2010, has seen demand for its products grow from its roots in Louisiana to serving schools in more than 25 states, though it is most active across the Southeast.
It has partnerships with more than 1,000 schools and will work with 175,000 students by the end of the year, up from 50,000 students in 2015.
MasteryPrep had previously raised $3.6 million from investors, including Innovation Catalyst's The Catalyst Fund, in addition to a $600,000 bridge round in recent years. The company expects to close on another funding round soon. Other notable investors include Liquid Ventures, Maple Leaf and Advantage Capital. It is headquartered inside the Louisiana Technology Park.
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