A Chester-based education technology entrepreneur has secured an investment of £450,000 to start a new business, designed to be the first of its kind within the sector.
Michael Forshaw will use the funding towards the launch of Edtech Impact, the world’s first platform that works for schools by matching edtech solutions using evidence of impact. This will save schools money and help them make more informed decisions on the edtech investments.
He is also the founder and CEO of Innovate My School which was established in 2009. Currently the company operates throughout the UK and the Middle East, working with over 4,000 school leaders, introducing them to innovative products and events.
The corporate finance team at York and Leeds-based accountancy firm, Garbutt + Elliott, led by Partner, Tony Farmer advised Michael on the successful deal. Commenting on the deal Tony notes, “Securing funding was vital to get Michael’s venture off the ground. This offering will be the first of its kind in an ever-growing industry and has all the groundwork and expertise in place to be a success”.
Appointed due to their expert experience in raising finance and strategic planning The Garbutt + Elliott team worked closely with Michael to negotiate the transaction and provide due diligence support, adding, “It was a great pleasure helping this deal come to fruition and seeing the positive outcome achieved for all involved first-hand. We wish the best for Edtech Impact in the future.”
Edtech Impact founder, Michael Forshaw, says “The team at Garbutt + Elliott did an excellent job in helping this deal get over the line. Their expertise and attention to detail were pivotal in showcasing Edtech Impact’s potential and why it is a worthwhile investment. Spending in the edtech sector is set to reach over £195 billion by 2020, so there is significant commercial opportunity to reap rewards and grow in the industry.”
This deal adds to an impressive list of other successful negotiations with Garbutt + Elliott’s corporate finance team advised on more than 20 deals, last year alone, totalling £130m across a variety of sectors including manufacturing, engineering, distribution, printing, brewing and technology.