23rd Nov 2015 09:19
LONDON (Alliance News) - Kuala Innovations Ltd on Monday said it has invested USD1.0 million in the early-stage funding round of education technology company Vemo Education Inc.
The investment will give Kuala an 8.2% stake in the business and will be funded from existing cash resources.
Vemo works with colleges in the US to provide a technology platform for income-based student financing programmes, giving it exposure to the USD1.3 trillion a year student debt market.
"Vemo has first mover advantage in the massive student financing opportunity in the United States," said Kuala Co-Chairman Stephen Dattels. "The market is huge and VEMO is positioned to grow as ISA funding programmes are utilised to deal with the student funding crisis."
Shares in Kuala were down 1.5% to 8.005 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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