Private equity firm Mobeus Equity Partners has led a £3 million funding round for MyTutor, a UK-based online tutor platform.
MyTutor (mytutor.co.uk) connects secondary school pupils seeking private one-on-one tuition with high-performing university students, who providing tutoring in return for payment.
It was founded in 2013 by Bertie Hubbard, Robert Grabiner and James Grant, and is now used by 10,000 students in the UK and overseas.
The business has also begun offering its services to schools, so that teachers can identify students who would benefit from tutoring support and then follow their process through online lessons which reinforce classwork. It has so far partnered with over 70 schools and universities in the UK.
The £3 million investment will be used to help MyTutor expand its presence in both the private tutoring market and the school and university markets.
The executive team are supported by experienced non-executive directors Stephen Welton, CEO of BGF and Stephen Grabiner, a 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 £19 million.
Amit Hindocha at Mobeus led the deal and will join the board. He said: “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, CEO of MyTutor, 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.”