School Space secures £800,000 to help schools generate revenue from underused space
London, United Kingdom – School Space, a leading platform for schools to generate extra funds by hiring out their spaces, announced today that it has secured £800,000 in equity funding with the help of ClearlySo, Europe’s leading impact investment bank. School Space was founded by Jemma Phibbs and James Lloyd seven years ago when they were 17, in their last year at school, and following recent expansion they have completed the TechStars accelerator and been recognised by the London Mayor’s office on their growth programme.
School Space plans to use the new funding to transform its’ technology platform to provide an easy booking system for their customers, quickly and efficiently onboard new schools, and rapidly scale the business region by region, nationally.
In the United Kingdom, the education system is facing a funding crisis, but has a vast amount of underutilised space, with venues only used around 17% of the time. However, schools have difficulty reaching potential customers and managing lettings with their existing staff. For Community Groups such as sports and drama classes, there is a lack of affordable space, local leisure facilities are too expensive, and they have difficulty accessing schools.
School Space helps solve the problem by providing a fully managed service, connecting schools that have underutilised space with Community Groups who are looking for space. Schools who have partnered with School Space have so far generated over £600,000 in profit, providing a much-needed revenue stream to supplement existing educational budgets, and the model also brings communities closer to the schools in the area, encouraging a growth in local clubs and activities.
Jemma Phibbs, co-founder of School Space, stated: “We are delighted to have a stellar list of some of the UK’s leading angel investors on board who believe equally in our business potential and the impact we can create. This investment will allow us to scaleup, improve our customer experience and ultimately generate more funds for the education sector.”
Stefano Cappanari, investment manager at ClearlySo, commented: “We have worked with the School Space founders since they were awarded the Big Venture Challenge in 2016. We are very happy to have supported them in this new raise, which will help them scale and support the education sector with much needed additional revenue streams.
Notes to the Editors
About School Space
School Space is a social business, established in Oxfordshire. We are working to solve the education funding crisis by working with schools to hire out their facilities to local groups in the evenings and weekends.
School Space work with the school throughout the entire letting process. We are responsible for generating income, managing all the hassle and staffing, and engaging the local community. Schools use our services as it requires no investment, and provides incremental lettings income and a way to open the school’s doors to the local community.
ClearlySo is Europe’s leading impact investment bank, working exclusively with enterprises and funds delivering positive social, ethical, and/or environmental impact as well as financial return.
Originally founded in 2008, ClearlySo has helped more than 130 clients raise more than £230 million in impact investment from its extensive network of high-net-worth individual and institutional investors.
ClearlySo is headquartered in London.
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