TLT has advised innovative digital elearning platform, Elucidat, on a £3.5m Series A investment from YFM Equity Partners.
Elucidat works with world-leading institutions including Tesco, The National Trust and The Open University on their elearning requirements. Its cloud-based elearning tool offers smarter, faster ways for global organisations to produce, distribute and measure digital learning that delivers a transformational impact.
The investment comes from YFM's two advised venture capital trusts (VCTs) – British Smaller Companies VCT plc and British Smaller Companies VCT2 plc – and will be used to speed up growth, particularly in the US. The funds will also be used to invest in staff and accelerate product development to help customers produce elearning faster, at a higher quality.
The TLT team was led by corporate partner Jon Gill, with support from solicitor Matthew Howells and legal assistant Rachel Kelly, pensions and incentives associate Lizzie Stone, employment associate Sarah Skeen and technology and IP partner, Ed Hayes.
Steve Penfold, CEO at Elucidat, says: "We’re absolutely delighted to have secured this investment with the help of TLT. We’re now able to scale up faster, and accelerate on our mission to help our customers around the world produce, distribute and measure transformational elearning.
"TLT are as ambitious for our growth as we are and they provided unparalleled support in unlocking opportunities and navigating the associated risks. Jon and the team really understood our start-up culture and were best placed to drive this investment for our fast growing business."
Jon Gill, partner at TLT, says: "We were delighted to support Elucidat in securing this significant investment to fund their ambitious growth plans. The education technology market is extremely active at present and this growth capital investment will enable them to maximise the potential of their business.
"We wish Steve, Simon and Ian every success in their new partnership with YFM and look forward to supporting their progress as they move forward."
The deal is the latest in a series of Series A investments that TLT has advised on, including Open Bionics' £4.65m investment from Downing Ventures and Foresight Williams Technology, Dymag's £3.6m investment from Puma Private Equity, and TravelLocal's investment from Gresham House Ventures.