A Birmingham-based technology company has secured investment from the Midlands Engine Investment Fund (MEIF), provided by the FSE Group Debt Finance Fund and backed by the Recovery Loan Scheme, to support the company’s growth.
Learning Labs has developed FlashAcademy, a digital education platform used by schools and colleges across the UK to support the teaching of English as an Additional Language (EAL). The £250,000 MEIF funding will be used to create new jobs and grow its digital marketing department.
The award-winning FlashAcademy app teaches English from nearly 50 different languages, providing an independent learning experience on any device, smartphone, tablet or PC that can be used in the classroom or for distance learning.
The app uses a mix of digital lessons, gamification and the world’s first object translator where the user can take a picture of any object to be translated instantly. The software is currently used in almost 1,000 schools across the UK and supports over 250,000 individual learners.
Veejay Lingiah, CEO of Learning Labs, said: “At Learning Labs, we believe that every child and young person in the UK deserves to get the most out of their educational experience.
“Our product helps teachers unlock the potential of non-native students without the need for time and budget resources that many schools and colleges don’t have.
“With this MEIF loan, FSE has provided the right funding at the right time to support this next phase of our growth as we continue to grow our offering, expand into the EF market and further grow the business.”
Harriet Saunders, portfolio manager at The FSE Group, added: “Learning Labs has been on a strong growth trajectory since inception of its EAL offering in 2018. Having already attracted significant equity investment, its management was keen not to dilute the property with additional equity at this stage.
“We are thrilled to provide this market-leading company with the growth financing needed to support it in this next phase of growth and look forward to working with this innovative team.”
Tracy Sherratt, UK Network senior manager at British Business Bank, concluded: “MEIF supports businesses in the Midlands that offer a range of innovative products and services, with the award-winning Flash Academy app proving their success to date.
By Matthew Neville – Correspondent, Bdaily
Find out how Bdaily can help you →