Mobeus back Edtech Innovation
Mobeus VCT Fundraising
Mobeus Equity Partners has led a £3 million funding round for MyTutor (http://mytutor.co.uk), the leading digital platform with the potential to disrupt the £2 billion UK tutoring market, with participation from high-profile angel investors including Clive Cowdery (Resolution) and Thomas Hoegh (Arts Alliance).
MyTutor aims to deliver better educational outcomes by connecting school pupils seeking private one-on-one tuition to high-performing university students, who in turn receive an attractive income. The company has early mover advantage in the growing online tutor UK market and has created a highly-regarded offer that resonates with parents, tutees and tutors, delivering significant grade improvements. MyTutor is also starting to develop a meaningful presence in the schools’ market, and has partnered with over 70 UK schools and universities.
The investment will support an ambitious growth plan as MyTutor scales its presence in the private tutoring market and further expands into the school and university markets. A number of online tutoringmarketplaces have successfully scaled in the more mature US market.
MyTutor was founded in 2013, by co-founders Bertie Hubbard (CEO), Robert Grabiner (COO), and James Grant (CCO) with the belief that every secondary school pupil should have the opportunity to benefit from high quality one-to-one support. The executive team are supported by experienced non-executive directors in Stephen Welton (CEO of BGF) and Stephen Grabiner (former partner at Apax) who both participated in the round.
This transaction represents Mobeus’s third investment in online businesses and its seventh growth capital deal in the last twelve months, taking capital committed to almost £19m.
Amit Hindocha led the deal and will join the board. He comments “We are delighted to be working with the team at MyTutor, which has the potential to make a significant impact on young people’s futures by consolidating the fragmented but sizeable UK tutoring market.”
Bertie Hubbard, MyTutor CEO, added “After decades of improvements to our understanding of how we teach and learn, there’s a clear opportunity for technology to drive innovation in education at a pace previously reserved to well-funded sectors such as healthcare, transport, and financial services.
“Parents and headteachers are clearly frustrated by the current state of the tuition industry, and this round of funding positions MyTutor to set a new standard.”