Edtech startup Texthelp has received investment from Five Arrows, the private equity arm of Rothschild & Co.
Although the exact figure has not been revealed, Texthelp said that it had received “significant” investment from Five Arrows, and Ari Benacerraf, Partner at Five Arrows Capital Partners, said that the company looks forward to “supporting Martin and his team to accelerate Texthelp’s growth ambitions over the coming years”.
Texthelp specialises in literacy and accessibility technology, and has created software designed to support students and employees in reading, writing and numeracy. So far, the company has supported 30 million individuals, including those with dyslexia and those who are working in a second language.
In October this year, Texthelp launched WriQ, a cloud-based writing assessment, benchmarking and achievement tool.
Earlier this year, Texthelp appointed its co-founder and former CTO, Martin McKay as its new CEO after former CEO Mark McCusker stepped down from the role.
Texthelp said that plans to release two new products this financial year with support from Five Arrows.
The investment is being made through Five Arrows’s European fund and its US fund, which are used to invest in B2B data and software companies across healthcare, education and other sectors.
LDC, the private equity arm of Lloyds Banking Group, has been an investor since May 2019, but will no longer invest in the company as part of the transaction.
Martin McKay, founder and CEO of Texthelp said: “We are thrilled and honoured to be working with Five Arrows as we enter the next stage of our growth and expansion. We were impressed by their focus on data, software and technology-enabled businesses, and their active supportive approach to scaling businesses.
“We look forward to releasing two new products this financial year with Five Arrows support as we expand our workplace and education product offerings. We are also grateful to LDC who helped us go further, faster. They believed in the potential of our business, providing the investment, support and expertise to help us accelerate a truly differentiating digital transformation in a relatively short space of time.”
Read More: CTO Talk: Q&A with Texthelp’s Ryan Graham.