Midven backs work-based learning businesses
TWO sister companies looking to expand further in the work-based learning sector have secured investment funding from Birmingham venture capital firm Midven.
Midven’s Exceed Fund, whose investors include Lloyds Development Capital, the Department for Business Innovation and Skills and the European Regional Development Fund, has announced that it has provided growth backing totalling more than £500,000 for Edudo Limited and Edududes Limited.
Castle Donington-based Edudo is a specialist vocational learning provider to the UK Government and industry, whilst Edududes specialises in the development of apps to assist work-based learning providers improve how they engage with their learners.
Since its foundation in 2011, Edudo has enjoyed significant and early market growth, building out a national footprint in the delivery of vocational qualifications for those who may be unemployed and seeking work as well as those who may wish to achieve critical qualifications in the workplace.
To date, Edudo has formally qualified and certificated more than 1,000 individuals.
The equity funds invested through Midven are intended to further accelerate the development and expansion of the company, which operates three divisions aimed at addressing very different aspects of the vocational education sector for learners of all ages.
Sister company Edududes was established in 2012 as an online SaaS provider of an array of new and disruptive apps aimed at assisting those in the work-based learning sector improve how they engage with their customers.
A range of online tools has been developed to date for end users.
Ronan Smith, founder and managing partner to both Edudo and Edududes, said both companies were ready for rapid growth and Midven’s investment would help move both companies onto the next level.
He said: “In spite of recession, the markets for both Edudo and Edududes are huge, with Government spending on skills improvement in the UK running at around £3.6bn annually and UK corporate spend annually exceeding £30bn.
“Although clearly different to each other in focus, market offers and growth objectives, the individual presences and differentiated service offers of both companies represent the next generation for vocational learning services in the UK.
“We are very confident this investment will greatly accelerate our immediate growth plans.”
Surjit Kooner, investment director at Midven, said the progress both companies had already made, together with partnerships they had formed and their experience within the sector, meant they were ideally positioned to attract more large learning providers and gain significant traction whilst continuing to grow the business.
“Sector knowledge is key and Ronan, with his fellow partners Steve Henderson and Ken Flood have that in spades,” he said.
“We are confident both businesses will continue to grow to plan.”
Midven manages five funds representing £61m under management.
The £18.4m Exceed Fund was established in December 2009 to invest in high growth businesses in the Midlands.
