A northwest-based educational media company has announced an investment of £ 0.2million to develop a new video licensing platform.
akematic said the new platform would leverage an initiative by brands and educators to accelerate the shift to digital learning resources.
The investment, which is supported by Ulster Bank, will be used to invest in new video content as well as in-house technologies to streamline licensing and distribution.
Makematic, which was founded five years ago by Catherine Davies and Mark Nagurski, said it expects the investment to triple its annual revenue from licensing its content.
The funds were guaranteed by Ulster Bank through the Recovery Loan Scheme supported by the UK government. The program supports access to finance for businesses of all sizes as they grow and recover from the effects of the Covid-19 pandemic.
Makematic works with leading brands such as Amazon, Adobe, Microsoft, and Crayola to produce and distribute short educational animations and live action videos. She also has clients in the nonprofit sector, such as the New-York Historical Society.
Nagurski said the bank’s support is fueling the company’s expansion over the coming months.
“It has been a very interesting, albeit difficult, time in education. There has been an overnight shift to digital and distance learning; an evolution which was already in play, but accelerated by the pandemic.
“For us, this translates into a sharp increase in the number of new business bookings and new customers. With the support of Ulster Bank, we are currently developing a new licensing platform that will allow us to take the business to the next level.
Ms Davies said the new technology will revise its licensing and distribution process, a cornerstone for its upcoming fundraising from private investors in the UK, US and Australia.
“We used to manage our licenses and distribution manually. Our new platform will be automated, generating a steady stream of revenue as we focus on developing the company and brand into new markets and industries.
Ulster Bank Business Development Director Aidan McGrath said Makematic is an example of how Northern Ireland-based SMEs are innovating and achieving significant global reach.
“In 2016, Catherine and Mark saw how the education sector was developing and identified the need for a service to meet the growing demand for creative and engaging digital learning resources.
“The signs were there for its future adoption, but few could have predicted such a big and sudden shift towards digital and distance learning.
“This change has amplified demand and presented enormous opportunities for growth. We are extremely happy to play our part in helping Makematic to scale up.
In 2019, the company secured an initial investment of £ 1million from Cordovan Capital Partners; NI Co-Fund (ERDF), managed by Clarendon Fund Managers and Techstart Ventures.
Along with companies like Learning Pool, she is part of a group of successful e-learning businesses emerging in the Northwest.