RISINGSTARS GROWTH FUND PROVIDES FURTHER INVESTMENT TO NORTH EAST-BASED CASPIAN LEARING LIMITED AS PART OF A £1.5 MILLION FUNDING ROUND
20 May 2008
The Sunderland-based company produces compelling 3D games and simulations for the education and training markets and lists Volvo, Bertlesmann Media, LearnDirect and the Ministry of Defence among its existing client base.
The RisingStars Growth Fund first invested in Caspian Learning in February 2005 to support the early stage devlopment of the company's product offering. This further investment was made alongside existing investors Coalfield Enterprise Fund (also managed by EV), and NorthStar Equity Investors and new investor, Hotspur Capital.
This investment will be used by the company to provide a cash injection to further develop its core technology, ThinkingWorlds, as well as to expand into international markets, with a particular focus on a US entry during 2008.
Graeme Duncan, CEO of Caspian Learning, said, "Our technology is truly captivating and can be used to create a whole range of highly contextual, engaging and effective 3D learning experiences.
"Within education for example, a student may be answering a question about how blood gets round the body whilst exploring a 3D set of lungs. From a corporate perspective, Volvo used us to develop product and sales training to its entire dealer franchise across the UK through virtual 3D car showrooms".
Graeme added, "The new funding will allow us to further expand within our core markets and capitalise on opportunities within the education and training sectors. As well as public sector organisations, we'll also be targeting the private sector, particularly highly regulated industries and those where health and safety is of paramount importance. The opportunities for expansion are phenomenal and the new funding means we can explore and exploit these to their full potential".
Julian Viggars, Head of EV's Technology Investment, said, "We are delighted to provide further investment to the company to support their development plans and we are looking forward to continuing to work with them and provide our ongoing help and guidance to support their future growth".
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