New Delhi: A tech business set up by a University of Sheffield graduate and supported by the University’s Enterprise Centre (USE) has raised £700,000 from over 500 investors through crowdfunding.
The Sheffield-based company, which was initially based in the USE’s co-working space, was co-founded by Scott Woodley, a former teacher and alumni of the University of Sheffield, and Mark Hughes, previously a Technology Analyst.
Tutora connects families across the UK with the best private tutors for their children using technology to bring a new layer of trust and transparency to the UK’s £6 billion tutoring industry.
The new funding means the company has been able to create new jobs and grow rapidly. Over the past year the company has achieved 700 per cent monthly revenue growth and is now the third largest tuition company in the UK.
Commenting on the most recent raise, Scott said, “We’re delighted to be raising the flag for Sheffield businesses. There are a wealth of flourishing companies here in the city and we’re proud to be one of many that are raising the profile of the blossoming tech scene. The space and support provided by the University of Sheffield Enterprise Zone during our early days was integral to the success we’ve seen.
“The investment we’ve received will allow us continue growing the team locally here in Sheffield, creating new jobs, providing opportunities to retain high-calibre graduates and attracting even more outside talent into our city.”
Tutora is one of a number of successful companies which has received support from USE. The centre seeks to stimulate new ideas and supports students and graduates of the University to make their entrepreneurial ideas happen.
Sara Pates, Head of Enterprise at the University of Sheffield, said: “Tutora is one of many successful businesses that have been supported by the University’s Enterprise Centre. It’s fantastic to see them continue to use innovative ways such as crowdfunding to raise money whilst operating at their base in Sheffield.
“We’re very proud of their continued growth and success and we wish them all the best for the future.”