“The grant funding we were able to secure with the help of Mareike (now Venturenomix Director) enabled us to buy the IP rights that underpinned the whole business. Furthermore, that funding covered 70% of the tech team costs and secured us a valuable industry partner. Alex (now Venturenomix Director) managed the whole process smoothly – we can highly recommend the services and would advise getting these guys involved at the positioning and structuring stage.”
Laurence Ellis // CEO // Magpie Education
Introduction – Understanding the Challenges
The two companies met at a funding breakfast briefing event hosted by a prominent IP legal firm. Laurence Ellis (Magpie CEO) explained that his company had a strong core team, a supportive seed investor, a strong education sector network and an EdTech concept that schools & teachers wanted.
Working Together – Solution and Services
At this early stage, further equity investment would have been expensive and tough to
secure, so non-dilutive funding was discussed. R&D Grant funding, although itself competitive, offers 50% -100% of the funding towards high-risk, novel technology development projects.
The founders of Venturenomix worked with the team at Magpie to position the business and identify suitable R&D grant funds & industry partners. Funding of €250k was secured 6months into our work together and the tech team at Magpie was able to fast track the EdTech platform development, while the CEO progressed commercial opportunities.
Find out More
Please share this case study with your team and wider network if you think there are elements that might be helpful to other ventures. If you are interested to find out more, here are your options:
• Here are the links to the companies in this case study:
o Magpie Education
o The Learning Foundation
• You can read more about Venturenomix here
• Here are some useful links to relevant sectors explored in this case study:
o Living Schools Lab – EU Commission Case Study
o STEM and Gender Statistical Report
• Here is an overview of the UN Sustainable Development Goals