Tutoring tech Vygo raises $500k to reduce uni drop-out rates across Australia
Summary
With the app already being used by 5000 students at Queensland and Victorian universities, the financing will be used to accelerate national expansion and further product development.It includes investments from 13 entities including Larsen Ventures, River City Labs Accelerator, Telstras startup accelerator muru-D, Carl Hartmann and Mark Livings, as well as a $100k grant from the Queensland Governments Ignite Ideas fund. This is the second round of investment from both River City Labs and muru-D, with both taking the opportunity to invest follow-on funding in addition to their initial investments.The support from Larsen Ventures is a huge vote of confidence for the platform, with the health and education focused firm making the largest investment.The future of EdTech in Australia is very bright and were excited to be working with Vygo. said Larsen Ventures Investment Director, Andrew Larsen.Vygo works as a mobile marketplace that helps university students improve grades and confidence with easy access to affordable peer tutors, or make money between classes with a ready-made business.Its also a win for the participating institutions - with student drop-outs estimated to be costing Australian universities a total of $1.4 billion annually in lost fees, the app can help increase retention while providing insights on which courses students seek help for (The Hobsons Retention Project 2010).Vygo was launched in 2017 by co-founders Ben Hallett, Joel Di Trapani and Steven Hastie. They can set fees and availability that work for them, averaging around $25 an hour - thats similar to a hospitality wage for the tutor, but less than half the price of typical market rates for the student seeking help.University of Queensland student Brooke McLay has been grateful for the flexibility of the system.When Im stressed out with my course I can quickly get in contact with someone who has had my exact class and lecturer. Students have also reported a 22% increase in their grades as a direct result of using the platform (Vygo Survey, 2018).The Vygo team are based in Brisbane, but can rapidly roll out the platform at new universities in any location and begin supporting students within two weeks.Were very excited about the raise - being able to pitch the funding round at Myriad Festival was the perfect catalyst for investor interest, said Hallett.Its great to have great people supporting us and our vision, and I cant wait to take Vygo further.Vygo is available to download from the Apple App store and Google Play store.THIS ANNOUNCEMENT WAS MADE BY THE TECHBOARD TEAMVygo is an on-demand tutoring marketplace that makes getting the help you need significantly easier, cheaper and more effective.Go to Company Profile for: Vygo