We were extremely interested in the computer based training space because of our experience of training professional staff in our previous lives. Ian had created of a new web based learning concept. Ian put together a small team financed by his own resources. Now he needed resources to create content and develop a market.
Catalyst’s Role
We started working with CEO Ian Claque to develop a business and financing plan for the business that would give us the best chance of raising funding. Crucial to this process was:
The focus and positioning of the business;
Analysing the size of the market;
Identifying the right pricing level;
Developing an IP strategy.
Result:
We initially closed a strategic funding round of £1,000,000 from private investors through a private placement. Six months later a further £1,000,000 was raised from Jupiter Fund Managers. Development of the business proceeded apace. The Company had already signed contracts with over 100 corporate clients, including – Compaq Computer, BP, Toshiba, Dresdner Bank, Rabobank International, Legal & General, BBP, tempz.com and Aberdeen City Council. BlueU was able to demonstrate key advantages over other forms of training, including: proven effectiveness on retention and completion rates; substantial cost savings; and interactivity, flexibility, speed and convenience. On the basis of this success a further funding was closed a year later when Net Partners invested £2.5 million.
