Tutorful ‘Best in Class’ with new investment from NVM
Tutorful, a platform that connects students with tutors across the UK has secured a £3.2 million investment from NVM Private Equity (NVM). The investment will be used to grow the rapidly expanding online tutoring business, by building out a suite of tools and curriculum-aligned content that helps tutors deliver exceptional quality lessons.
Sheffield based Tutorful was co-founded in 2015 by CEO Mark Hughes, a technology analyst who created the business with a simple aim; to take the hassle out of finding a private tutor. The platform helps parents and students to find the best local tutors for one-to-one tuition, either face to face, or via an innovative online classroom. With over 11,000 registered tutors covering 300+ subjects, and catering for early years all the way up to PhD level, site users can freely browse and review profiles of top-quality tutors based on subject area, level and proximity to their post code.
The UK private tutoring market is worth over £2 billion a year. There are 9 million school age children in the UK – 11% received private tuition in 2018, up from 6% a decade earlier and tuition for adult learners is on the rise with 1 in 5 university students seeking extra help. Additionally, the global tuition industry is worth $100 billion per year.
Tutorful is the eighth new growth capital deal announced in 2019 by NVM, following on from the investment in Voxpopme, Duke and Dexter and Quotevine. Ishaan Chilkoti and Stephen Johnson led the investment for NVM, with Ishaan joining the Tutorful board at completion.
Mark Hughes, CEO of Tutorful said “Tutorful started with a simple mission: to radically improve the quality and accessibility of private tutoring throughout the UK, and since 2015, we’ve already helped over 100,000 parents and students achieve their goals. This investment and support by NVM will help us accelerate our product innovation, particularly our online platform, to help us reach an even greater number of parents.”
Ishaan Chilkoti, Investment Manager at NVM, added “Tutorful represents an opportunity to invest in an exciting company operating in a large industry ripe for digital transformation. In a relatively short period of time the team has developed a platform which has proved appealing to parents and students, supported by a growing catalogue of positive online reviews. We look forward to working with Mark and the team as they continue to make high-quality tutoring accessible to more households.”
NOTES TO EDITORS
For further information please contact:
- Natalie Dickinson (NVM: PR & Marketing) – 0118 951 7021 firstname.lastname@example.org
- Ishaan Chilkoti (NVM: Investment Manager) – 0118 951 7009 email@example.com
Download photos of: Tutorful – www.nvm.co.uk/PRphotos
NVM was provided with:
- Legal advice by Square One Law
- Commercial and digital due diligence by Palladium
- Financial due diligence by Tait Walker
- Management due diligence by Confidas People
- Technical due diligence by Ten Tenths Consulting
Tutorful were supported by Taylor Wessing
NVM Private Equity is independently owned with over 30 years’ experience of investing in unquoted UK businesses. NVM is a generalist investor, managing approximately £430 million of funds, and is differentiated by having executives living and working in regional business communities throughout the UK. NVM seeks investment opportunities of between £1 million and £15 million in UK businesses, which have the right mix of growth potential and market vision. They may be looking to grow organically, acquire another business or secure a management buy-out. www.nvm.co.uk.