Nesta Impact Investments and Scottish Investment Bank have jointly provided £1.4 million of funding to Sumdog, an education technology business based in Edinburgh.
Sumdog was set up in 1994 and has developed an online games-based learning system designed to improve children’s maths and literacy skills. The system is used by 2.8 million children in primary and elementary schools in the UK and the US and around the world and the company’s turnover rose by 50% in 2016.
Sumdog’s core mission is to help close the attainment gap between children from the least and most deprived backgrounds. The funding being provided by Nesta Impact Investments and the Scottish Investment Bank is being made with the intention of generating measurable and positive social impact alongside a financial return.
The investment will be used to expand Sumdog’s services with the aim of helping 15 million children by 2022.
Sumdog CEO Andrew Hall said: “This is a really exciting time for Sumdog as we seek to expand our team to include the specialist skills we will need to achieve our future ambitions. As a high-impact company, our core mission is to close the educational attainment gap by helping all children reach their full potential. By capturing children’s imagination, Sumdog wants to become a world leader in online learning, starting with maths and English but ultimately covering a much broader range of subjects.”
Ishaan Chilkoti, a member of the Nesta Impact Investments team added: “This investment in Sumdog aligns with Nesta Impact Investments’ strategy to invest in innovative approaches and technologies to improve access to high quality education and employment for all. We believe Sumdog has developed a proven platform for online learning. They have shown a clear commitment to achieving social impact and are already reaching large numbers of children from disadvantaged backgrounds, both here in the UK and in the US.”