An education sector tech firm is rolling out growth plans following six-figure support.
Weduc has been backed by the Midlands Engine Investment Fund II.
The Loughborough-based operator says the loan will create jobs across “key functions” and boost product development.
Founded in 2017, Weduc is known for the ReachMoreParents platform, which allows schools to communicate with parents through an app that includes messaging and newsfeed, attendance monitoring and digital form signing functions.
The software is used by more than 800 schools.
Robert John Pointen, Weduc chief executive, said: “Engagement between schools and parents has never been more important.
“This funding will enable us to accelerate our plans, develop new features and continue delivering value to schools and trusts across the UK.”
The £400 million Midlands Engine Investment Fund II provides debt finance from £25,000 to £2 million, and equity investment up to £5 million, to small and medium-sized businesses.
It is overseen by British Business Bank, with loans delivered by fund manager Maven Capital Partners.
Sajid Sabir, Maven investment manager, added: “Weduc is a great example of an ambitious East Midlands tech business with a strong product, clear growth strategy and experienced leadership team.
“With an expanding customer base and a unique proposition in the MAT market, the business is well positioned to scale.”
Dave Tindall, British Business Bank senior investment manager, added: “The fund is focused on backing businesses with significant growth potential across diverse sectors.
“It is inspiring to see Weduc leverage this opportunity to create jobs and contribute to the continued development of the region.”
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