Tech City firm Mobento closes biggest education technology seed round ever
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An education technology start-up created by an American entrepreneur has netted £1.1 million of seed capital.
Mobento, which has developed a video learning platform made available to schools and students online and through apps, has been backed by a group of angel investors.
The business was founded by 22 year-old New Yorker Sumner Murphy, who moved to London in 2012 to set up the company in Tech City.
Mobento's seed backers are described as 'classic angel investors' – a small consortium of high net worths who track the London technology start- scene, which has been dubbed Silicon Roundabout.
According to the business and figures from the Tech City Investment Organisation, the £1.1 million seed round is the largest disclosed ever for an education technology start-up in the UK, and one of the biggest recorded amounts raised by a British-based technology business for its initial funding round.
More on seed funding deals:
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Murphy describes video as an 'incredibly powerful' tool in education. He adds, 'It slots right into the behaviour and customs of contemporary students and is a democratising and liberating force within education because it enables the world's best educators to reach out to students all over the world.'
A 'two-pronged strategy' is being employed by Mobento, Murphy says. One is ensuring that only the 'finest content' makes it into the platform's library, while the other is making sure that its technology offering is simple and fast.
It search function allows users to input words that have been spoken to retrieve content from its archive, and then go to that point in the video timeline when it was used.
Benjamin Southworth, deputy CEO of Tech City, comments, 'Quick access to Europe and our heritage of creativity and innovation make London attractive for digital media and tech companies.
'It is this thriving ecosystem made up of start-ups, small companies, academic organisations, investors and large corporates that has made Tech City the digital capital of Europe.'