Edtech firm Tutora clinches £700,000 in Crowdcube campaign
Already hitting 700% revenue monthly growth, company will use funding to become the largest tuition firm in the UK within a year
Tutora, an education technology company has secured £700,000 in a crowdfunding campaign on Crowdcube.
540 investors participated in the round, sharing 14.37% equity and helping Tutora to double its initial target of £350,000.
Launched 18 months ago by former teacher Scott Woodley and technology analyst Mark Huhges, Tutora helps UK families find quality private tutors for after-school, at-home tuition.
Over the last year, the platform says it has seen 700% monthly revenue growth and is now the third largest tuition company in the UK.
The company vets every tutor before they join and uses data and student feedback to help families find their ‘best match’. Tutora claims to have more than 7,000 tutors currently listed on its platform, providing thousands of lessons per week to tens of thousands of students.
With this funding, Tutora is aiming to become the largest tuition company in the UK within the next 12 months and will eventually embark on a campaign of international expansion.
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 five 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.”