The recent investment was made over two stages to support development since the Series-A funding round which initially closed in 2017. The company has now raised a total of £12.2m in equity funding.
Third Space Learning was founded by Tom Hooper in 2013, developing a model that recruits tutors in emerging markets such as India and Sri Lanka, to provide scalable, high-quality and low-cost online tuition. The company’s particular focus has been on establishing this model to support pupils from disadvantaged backgrounds in UK state schools. Third Space Learning has now delivered over 800,000 hours of teaching to just under 70,000 pupils in the UK, over 50% of whom are eligible for Free School Meals.
The new investment will be focused on expanding Third Space Learning’s market position in the UK, where there is a surge in demand as schools look to help pupils catch up in the face of academic disruption from Covid and school closures. In addition Third Space Learning is starting to expand from Primary to Secondary school tuition, and to international markets, notably the US. The company’s goal is to grow its global tutor model to serve students at primary and secondary level across English speaking markets globally.
In addition to the funding, Third Space Learning has announced a commercial partnership with China’s NetDragon, owner of Edmodo in the US and Promethean in the UK, as well as several other Edtech companies. The two companies will work together to integrate TSL’s technology platform and global tutor community with Edmodo’s online community of millions of active students, teachers and parents around the world.
Tom Hooper, CEO Third Space Learning, says: Over the last few years we’ve worked hard to establish our model, both commercially and academically, in the UK. Domestically, our education system faces a huge challenge in helping pupils to catch-up, even as the impact of Covid continues. In particular we need to ensure the attainment gap does not further expand. We are confident that Third Space Learning can play an important part in this. Internationally, our goal has always been to scale our global tutor model beyond the UK, and now is the time. The partnership with NetDragon and Edmodo will play an important role in this ambition. Their market reach and learner community are an exciting prospect for us, whilst a shared purpose across our teams has helped ensure an ambitious plan for this partnership.