Maths platform Third Space Learning multiplies growth with £1.5m funding
Series A round from Nesta and Ananda brings total investment to £2.5m with plans to launch online teaching centres worldwide
Third Space Learning, a UK online maths teaching resource, has raised £1.5m in Series A funding from Nesta Impact Investments, Ananda-Social Venture Fund and existing angel investors – taking its total investment to date to £2.5m.
Launched in 2013 and headquartered in London, Third Space Learning provides online maths tools to UK primary schools and has a team of 200 maths teachers and tutors that provide one-to-one online support to help “accelerate” the rate of a child's learning.
The company uses its technology to connect tutors from around the word, including those in India and Sri Lanka, to British primary children at risk of failure and claims to help almost 2,500 students a week.
The deal, which will see Nesta's Isabel Newman and Ananda's Lennart Hergel join Third Space’s board of directors, will fuel additional investment in its technology and help it achieve its goal of launching online teaching centres around the world.
Third Space Learning founder and CEO, Tom Hooper, commented: “We have worked incredibly hard these last two years to validate what is an ambitious solution to a significant social and academic problem.
“We are very pleased that the commercial and academic traction we have delivered has won support from a number of very successful angel investors, and now, two of the leading social impact funds in Europe. The next phase of our business is an exciting one, and we look forward with great confidence.”
New board member Newman continued:
“The importance of good numeracy from an early age is well understood, as are the challenges that can arise later on in life for those without it. There is good evidence of one-to-one tuition being an effective way of improving numeracy; however the shortage of specialist maths teachers and the relatively high cost of tuition can preclude those who need it the most from receiving it.
“By improving access to quality maths tuition, Third Space Learning has the potential to improve the lives of thousands of young people.”