Extra investment pumped into coding training provider
Northcoders, which provides training programmes for software coding, is to receive further investment.
It is part of the secondary placing undertaken by Leeds and Manchester-based Northcoders, details of which were confirmed on 21 November 2022.
Vela, a company focused on early-stage and pre-IPO disruptive technology investments, has purchased 33,333 ordinary shares of one pence each in Northcoders, at a price of £3 per share for a total cost to the company of £99,999, satisfied from the company’s existing cash resources.
Vela now holds 349,999 ordinary shares in Northcoders, representing 4.55% of Northcoders’ enlarged share capital following completion of its recent placing.
James Normand, executive director of Vela, said: “Northcoders has more than met the promise that Vela perceived at the time of its IPO in July last year.
“We were therefore keen to maintain Vela’s equity interest in the expectation of continuing growth for Northcoders, boosted by the proceeds from this oversubscribed placing.”
For the year ended 31 December 2021, Northcoders reported a loss before taxation of £0.52m. The company’s unaudited net assets as of 30 June 2022 were £2.44m.
The business offers boot camp courses to individuals from a range of backgrounds, delivered through virtual and physical learning.
It works with blue chip corporates across multiple sectors to supply EdTech solutions for the upskilling and reskilling of employees and is also a registered provider of Government-backed apprenticeships.