Primary maths teaching platform Third Space Learning has raised a £1.5m Series A round from the Munich-based Ananda Social Venture Fund and Nesta Impact Investments, along with the company’s existing angels.
Third Space was founded in London in 2013 to address issues with maths attainment in UK schools by working with tutors from across the world to deliver tuition online, particularly professionals in India and Sri Lanka.
The company, which participated in the Wayra startup programme, now has a team of almost 200 teachers, works with more than 200 schools and teachers 2,500 children each week.
The cash will be used to accelerate growth in the UK, increase investment in its platform and grow the number of teaching centres it operates around the world.
“We have worked incredibly hard these last two years to validate what is an ambitious solution to a significant social and academic problem,” said Tom Hooper, founder and CEO. “We are very pleased that the commercial and academic traction we have delivered has won support from a number of very successful angel investors, and now, two of the leading social impact funds in Europe.”
“The importance of good numeracy from an early age is well understood, as are the challenges that can arise later on in life for those without it,” said Isabel Newman, Nesta Impact investment manager. “There is good evidence of one-to-one tuition being an effective way of improving numeracy; however the shortage of specialist Maths teachers and the relatively high cost of tuition can preclude those who need it the most from receiving it.”
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“By improving access to quality maths tuition, Third Space Learning has the potential to improve the lives of thousands of young people. We are delighted to be able to help them grow their offering to many more schools across the country.”
Isabel Newman and Lennart Hergel from Ananda will both join Third Space’s board of directors.
This round of funding brings total investment to date to £2.5m.