Tech startup launches £350,000 crowdfunding campaign
Sheffield edutech startup Tutora is looking for a further £350,000 in its latest fundraising campaign following a successful Crowdcube launch last year.
The company, which was launched in the University of Sheffield Enterprise Centre, undertook a Crowdcube campaign last year, raising £150,000 in four days.
Tutora is now looking for another round of investment and has turned again to Crowdcube to do it.
The company helps match up families with local private tutors and was founded by University of Sheffield graduate Scott Woodley, a former teacher in the city.
Since its crowdfunding campaign last year, the company has achieved 700% monthly growth revenue and is now the third largest tuition company in the UK.
The company hopes to raise a new round of £350,000 at a £4.2m pre-money valuation.
Speaking to TheBusinessDesk.com, Woodley said: “The investment will be used to further enhance their site, offer online tuition and develop apps for both students and tutors.
“Returning to Crowdcube was an obvious decision for us – after all, our initial raise went through in just four days! We’ve reached out to angel investors who we’d specifically like to have onboard and will continue to do so over the next few weeks, whilst most of our initial backers would like to support us once more.
“Merging those supporters with students and tutors is an ideal combination as we seek to build a larger community. With one in four children having had a tutor, our business solves a problem that a huge amount of families face, and people quickly recognise how well we tackle this issue.
“On a technical basis, we will use the additional funding to develop an online tuition portal, as well as to provide apps for students and tutors.
“Importantly, we will increase our advertising budget to let more families know how we can help, both within the UK and internationally as we seek to expand our reach into new markets.
“It’s certainly an exciting time!”
Sara Pates, Head of Enterprise at the University of Sheffield, said: “It’s fantastic that Tutora continue to grow and succeed, using new innovative ways of raising money whilst operating from their base in Sheffield.”
