By FE News Editor
EdTech app Teacher Booker has announced a new fundraise through Growthdeck, the private equity firm.
Teacher Booker connects schools directly with supply teachers, cutting out supply agencies and saving schools up to 90% on agency fees. Schools can also hire teachers permanently without paying the supply agencies 15%-20% of the teacher’s first year salary.
Teacher Booker plans to use the money from this fundraise to further develop its platform and grow its software-as-a-service sales.
In the past year, Teacher Booker has doubled its revenue, winning new contracts with eight Local Education Authorities and been awarded positions on five key purchasing platforms. They include the Government’s Crown Commercial Service and Crescent Purchasing Consortium, a major not-for-profit education purchasing group.
Prior to the pandemic, schools spent £1.3 billion per year on agency staffing – a number which is expected to grow as staffing shortages continue. 28% of state schools are currently being forced to run classes with non-teaching staff*.
Teacher Booker is led by Founder & CEO Vamsi Vadde, who has 20 years of experience in the technology sector, previously leading technology at a £10m annual recurring revenue SaaS business.
Ian Zant-Boer, CEO at Growthdeck, says:
“Over the past year Teacher Booker has gone from strength to strength, doubling its revenues. As schools have increased their spending on supply teachers again post-pandemic, the opportunity to make considerable savings on agency staff will has become even more appealing.”
“Teacher Booker delivers real value for money and a greater choice of teachers for schools. It also offers a terrific opportunity for teachers, who can access the platform free of charge and use it to help find the role that best suits them.”
Growthdeck’s investment in Teacher Booker qualifies for tax reliefs under the Enterprise Investment Scheme (EIS). EIS is an investment scheme which allows private investors to make tax savings by investing in growth businesses. The EIS allows investors to:
- Invest up to £1million per annum
- Reclaim 30% of the cost of investment against their income tax bill
- To not pay Capital Gains Tax (CGT) on any gains realised after three years
- Claim further income tax relief should an investment result in any form of loss
- Defer capital gains tax due on the sale of another asset by re-investing the gain in an EIS-qualifying company
- Save inheritance tax on any EIS-qualifying shares held for over two years
*Source: Sutton Trust
EdTech app Teacher Booker announces new fundraise through PE investor Growthdeck was published on FE News by FE News Editor
Source: FE News