Magic Studio gains £750,000 of VC money
The education project gets VC backing
Magic Studio, the social media education provider, has secured £750,000 in VC investment.
The company has been backed by Andromeda Capital, as well as its existing investors SEGF. Magic Studio brings together digital content from educational publishers and museums enabling teachers and students to create digital learning resources. The investment will be used to help the company develop its products and to generate more sales with its principal buyers which are local authorities. “This funding is a validation of the work we’ve done in developing and launching this product to the educational marketplace,” said company director Dr Martyn Farrow. “We’ve already managed to secure some great content partners such as English Heritage and some great customers, such as Nottinghamshire Local Authority, and this funding will enable us to build on these successes even further.” The company added that its feels that by raising funding during a time of economic uncertainty it has proven the power of its business model and product proposition. © Crimson Business Ltd. 2009