Crowdfunding success for edutech business
Edutech company Tutora has successfully crowdfunded its latest round of investment.
The company has raised £700,000 from more than 500 investors via crowdfunding platform Crowdcube.
The Sheffield-based business was founded by childhood friends Scott Woodley, a former teacher, and Mark Hughes, previously a technology analyst. It links up families with private pre-vetted tutors.
This was the company’s second round of funding after only 12 months as it looks to crack the £6bn private tuition market.
Last April Tutora raised £150,000 in just four days via Crowdcube, allowing the business to begin creating new jobs and growing rapidly, achieving 700% revenue growth.
Woodley said, “We’re incredibly pleased to have raised twice the amount of our initial investment goal. It speaks volumes about Tutora’s continuing explosive growth and the confidence our investors share with us about the company’s potential.”
Hughes added: “The worldwide demand for technology in education is expanding rapidly by 17% year on year. With the number of students globally expected to grow dramatically over the next 5 years, innovative companies like Tutora will be essential to ensure we meet the needs of the future. We’re confident this investment will ensure that we can grow to meet these demands.”
Currently the platform lists more than 7000 tutors, serving tens of thousands of students.
