With nearly one week until its second Crowdcube initiative is set to close, online tutor marketplace Tutora is nearing its £350,000 funding target. The campaign was launched at the end of January and has so far raised £340,000 from more than 375 investors.
As previously reported, Tutora was launched less than two years ago and aims to help parents find and book private tutors online. The marketplace noted its tutors have taught 3,000 lessons in subjects ranging from Math and English to Spanish and Accounting. Co-founder of the Tutora, Scott Woodley, recently revealed:
“Our success has not only been recognised by our students, tutors and investors. We were recently finalists in TechNorth’s Northern Stars competition, which named us as one of the top 20 startups in the North. We have also been featured in many leading publications, including the Guardian, BBC, The Telegraph and TechRadar (India). Alongside all of this, we have partnered with Pearson, the international publishers, to develop the Tutors’ Guild series of tuition packs, designed to enable tutors to deliver the very best sessions.”
Woodley also shared:
“The first investor we met ultimately invested £20k but was initially reluctant to meet our valuation. Having met with so many advisors, we were confident in our discussions as we had already covered many of the points raised. Similarly, we had more belief in ourselves as being investment ready, when we might otherwise had been more malleable to the investor’s demands and gained a worse deal. Ultimately, we secured our raise in just four days, a record time for an edtech company on Crowdcube. A part of us wondered whether we could have raised the money at a higher valuation, however, we wanted the raise to be fair, as we want our investors to be comfortable for the longer term. Similarly, we’re now in a good position for a future raise, if this is needed.”
Funds from the latest Crowdcube campaign will go towards building an online tuition platform, student and tutor apps, and further grow the company’s community of tutors and students.
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