Investment conference pays dividends for Guroo

NOVEMBER 21, 2008

AN ENTREPRENEUR secured more than £400,000 for his online learning company after attending a regional investment conference.

Jonathan Wells, managing director of Guroo, had to pitch to 150 people when he attended CONNECT North East’s Investment Conference in April.

The event led to Mr Wells being put in touch with NorthStar Equity Investors (NSEI) which finalised a funding deal worth £440,000 in September.

The investment boost will enable Mr Wells to grow Guroo, which provides online learning packages for local authorities, schools and colleges aimed at youngsters aged between 14 and 19.

“We may have found NorthStar by ourselves but we found them quicker through CONNECT North East,” said Mr Wells.

“Plus, we had the chance to stand in front of 150 potential investors in grey suits and sell ourselves which has helped us hone our message.

“It’s given us the opportunity to take the business forward and that wouldn’t have been possible without the funding.”

CONNECT North East helps the region’s young technology companies attract investment and gain expertise and information to enable them to grow. It encourages companies to get the best out of each other by working in partnership and on joint ventures, sharing their expertise and knowledge with one another.

Mr Wells had spent 20 years in the education field before setting up Guroo in 2006, which is based in the e.volve business centre at Rainton Bridge Business Park, in Houghton-le-Spring, near Sunderland.

Shortly after Guroo launched, the Government announced it was introducing diplomas to run alongside apprenticeships, GCSEs and A-levels. It now produces packages aimed at the ‘functional skills’ part of the diploma which includes tutorials, exercises and videos as well as material for teachers.

The NorthStar funding has helped Guroo secure three sales staff to increase the company’s turnover. The business is hoping to see a turnover of £200,000 next year and more than £4m with pre-tax profits of £2m by 2011.

 “The funding has given us the opportunity to take the business forward,” said Mr Wells. “Now we’re looking to become the market leader in online learning resource packages.”

Media contact: Mike Parker, Mike Parker Media Ltd on 07714 845616 or e-mail mike@mikeparkermedia.co.uk