Online learning provider nets six-figure sum
Article Date: Oct 15 2008
Guroo has ambitious plans
Guroo, a Tyne and Wear-based company that creates online learning packages for schools and colleges, has secured £440,000 in a deal led by NorthStar Equity Investors (NSEI).
The funding coincides with the government’s introduction of diplomas this autumn, which are being made available to 14 to 19 year olds alongside apprenticeships, GSCEs and A-levels. Guroo’s packages are aimed at the “functional skills” portion of the diplomas and include tutorials, exercises and videos as well as materials for teachers.
NSEI is backing the company through its co-investment fund, an EU-backed fund of £23 million that specialises in making technology investments of between £100,000 and £1.5 million.
Guroo is targeting revenues of £4.1 million and pre-tax profits of £2 million by 2011.
Alex Buchan, investment manager at NSEI, who led the deal, says, ‘By keeping abreast of industry developments and having specialist experience in the education field, Guroo has found a gap in the education technology market and has astutely responded to it.’
Corporate finance firm Ward Hadaway advised NSEI on its investment.
