Maths Startup Investment Adds Up
Belfast startup Komodo, which focuses on interactive maths learning, has received significant backing from top UK investors- closing a seed investment round of £255,000.
Komodo is a home maths tutor system on tablets and computers for children aged 5 to 11. Winner of two industry awards, it encourages the involvement of parents in helping their children improve in STEM subjects.
The investors include entrepreneurs from the Halo Fund, a collective from the Northern Ireland business angel network, as well as key London-based angels.
Co-founder of Komodo, Gerard McBreen, said,
“Maths is a passport to a world of career opportunities and Komodo is all about ensuring children reach their true potential. As a result of this seed investment, we’ll be able to develop the product further, grow sales and accelerate the progress of our children.”
Alan Watts, Director of the Halo programme, based at the Northern Ireland Science Park, said, “Currently 15% of our Halo investors are based outside of Northern Ireland, so it really demonstrates that more and more business angels and investors are looking at here as a hot prospect for investment.
“At the end of 2014, it was announced that Northern Ireland is now the second fastest growing knowledge economy in the UK, so undoubtedly we’ll see an increasing number of investors attracted by our vibrant startup scene.
“There are lots of advantages which some of the more ‘cute’ London investors have already seized upon. We have huge numbers of high growth potential companies here, there is clearly less competition between investors than in London and our network of local business angels acting as the “eyes and ears” on the ground make us a very attractive proposal for UK investors.
“Komodo is a perfect example of social impact investing, that is, socially responsibly investments where profit is not the sole motivation, and I look forward to seeing how their work continues to help the learning experience in the future.”