27 jobs on way as booming Sheffield 'edtech' firm raises £3m investment
A Sheffield ‘edtech’ company is set to create 27 jobs after raising £3m from investors amid a boom in business due to the pandemic.
Tutorful will use the cash to expand into new international markets and hire staff at its headquarters at Concept House, Young Street, in city centre.
The firm achieved 376 per cent growth in revenue from online tuition during 2020 with triple-digit growth continuing into 2021.
Founded in 2015, it employs 55 and has 11,000 tutors covering more than 300 subjects. Their profile shows their fees, rating, number of hours taught and number of repeat students.
An algorithm boosts popular teachers up its rankings while duds drop off the bottom.
Mark Hughes, co-founder and CEO, said: “The platform has potential for use worldwide and this latest investment will help us to expand into other overseas markets.”
The firm secured funding from Mercia’s Northern Venture Capital Trust (VCT) funds and NPIF – Mercia Equity Finance
In November 2019 it received investment of £3.2m from NVM Private Equity to improve its online platform and reach more people.
In 2017 it raised £700,000 from more than 500 crowd-funding investors. The year before it raised £150,000 in just four days, also via a crowd-funding platform, allowing the business to begin creating new jobs and grow rapidly.
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.