Schrole Group, an Australian EdTech platform that helps build better schools by offering innovative solutions to the challenges, has recently announced that it has received firm commitments to undertake a $2.5 million placement.
According to reports, a total of 250 million new fully-paid ordinary shares will be issued to new and existing institutional investors priced at one cent per share. Schrole will also be undertaking a share purchase plan to raise up to an additional $1.5 million with eligible shareholders able to subscribe for up to $30,000 worth of shares.
The company plans to use the money from both the placement and share purchase plan to accelerate growth initiatives.
Founded in 2013 by Rob Graham and Greg Smith, Schrole Group provides domestic and international schools with technology-based recruitment solutions, consulting, and training services. The company operates through its Connect, Cover, and Develop business units. Schrole Connect, which is designed to meet the unique needs of school administrators, assists schools to streamline the recruitment of teachers while Schrole Cover, a mobile app-based system, connects teachers with schools. Schrole Develop provides customized accredited training services and offers specialized education consulting.
With Schrole, schools can recruit from one of the world’s largest databases of professionally trained and fully referenced teachers. They can sort, rank, message, and interview new teachers with its class-leading applicant tracking system; undertake background checks; digitally sign contracts and documents, and manage substitute teachers. Schrole Group currently has a highly engaged network of 400 international schools and 140,000 international teachers.
Commenting on the development, Rob Graham, Co-founder and Managing Director of Schrole Group, said in a statement,
"I am delighted that we received such strong demand from high-quality investors in the placement to institutional and sophisticated shareholders. We look forward to using the capital raising proceeds to accelerate our growth journey and updating the market on our exciting progress in due course."
The Osborne, New South Wales-based company has recently launched a recruitment events software solution Schrole Events that provide interactive and regionalized online events. To participate in Schrole Events, both schools and candidates must be on an annual premium level subscription. Candidates must upgrade from the free Schrole Connect to Premium for US$75 and schools must upgrade from Schrole Connect to Schrole ConnectPlus, the highest subscription tier with base fees of US$9000.
Schrole Group had last raised $5 million in Post Ipo debt from Faria Education Group in May 2020.