Amidst the pandemic crisis when online learning dominates the field of education all over the world, several edtech startups are establishing their presence in the market. One such startup is Tutorful, a Sheffield-based edtech platform, which has announced that it picked up £3 million in funding.
International expansion plans
The investment round was led by Mercia’s Northern Venture Capital Trust (VCT) funds and NPIF – Mercia Equity Finance, which is managed by Mercia and part of the Northern Powerhouse Investment Fund. Prior to this, the company raised £3.5 million from the Northern VCTs in 2019.
Tutorful will use the funds to enhance the platform further, expand into new international markets and create around 27 additional jobs at its Sheffield headquarters. Mark Hughes, co-founder and CEO, said: “Online learning now plays a key role in education, but nothing can replace the benefits of one to one tuition. Tutorful offers the best of both worlds – it offers students easy access to some of the best teachers in the UK while leveraging the power of technology to make learning more fun and engaging. The platform has potential for use worldwide and this latest investment will help us to expand into other overseas markets.”
Ishaan Chilkoti of Mercia said: “The pandemic has accelerated the uptake of online learning. Tutorful’s growth shows that students have bought into and understand the benefits of online tuition and are happy to continue learning this way in the future. This latest funding round will help it to expand its services further and make tuition more accessible to all.”
Melanie Ellyard at British Business Bank said: “The Northern Powerhouse Investment Fund is pleased to be supporting Tutorul to take the next step, as it looks to develop its platform further and grow internationally. Amidst an especially challenging time for the education sector, it has stepped up, sought the opportunity and been rewarded accordingly.”
Whopping growth in revenue
Founded in 2015, Tutorful is an edtech platform that helps parents and students find online tutors easily. Its innovative virtual classroom ensures a smooth, interactive learning experience while features such as scheduling and billing enable tutors to build their business and attract clients online.
The platform has over 11,000 registered tutors covering more than 300 subjects. Around 70 per cent of its clients are children, with the remainder being adults who can learn anything from languages to music, computer programming or even get help with a PhD course. It witnessed a whopping growth of 376 per cent in revenue from online tuition during 2020 as students took to distance learning, whether to support their existing school or university studies or to learn new hobbies and skills. The triple-digit growth has also continued in 2021 as well.