Schrole Group, an Australian EdTech platform that helps build better schools by innovating solutions to challenges, recently announced that it has received a strong commitment to undertake a $ 2.5 million placement.
According to the report, a total of 250 million new full-paid ordinary shares will be issued to new and existing institutional investors at a rate of one per cent per share. Eligible shareholders will also undertake a scroll share purchase scheme to raise an additional $ 1.5 million with shareholders who can subscribe for shares worth up to $ 30,000.
The company plans to use the money from both placement and share purchase schemes to accelerate growth.
Founded in 2013 by Rob Graham and Greg Smith, the Shroll Group provides technology-based recruitment solutions, counseling and training services to domestic and international schools. The company operates through its Connect, Cover and Develop business units. The Schrole Connect, which is designed to meet the unique needs of school administrators, helps schools facilitate teacher recruitment, while the Schrole cover, a mobile app-based system, connects teachers to schools. Schrole Develop provides customized accredited training services and offers specialized education advice.
With Schrole, schools can recruit from the world’s largest database of professionally trained and fully referenced teachers. They can sort, sort, message and interview new teachers with a class-leading applicant tracking system; Background check; Digitally sign contracts and documents and manage alternative teachers. The Shroll Group currently has a very busy network of 400 international schools and 140,000 international teachers.
Commenting on the development, Rob Graham, co-founder and managing director of Shroll Group, said in a statement:
“I am delighted that we have received such strong demand from top quality investors, institutional and sophisticated stakeholders in placements. We look forward to using the capital raising funds to accelerate our growth journey and update the market about our exciting progress in a timely manner.”
The Osborne, New South Wales-based company has recently launched a recruitment event software solution called Shrove Events that provides interactive and regionalized online events. To participate in the Schrole event, both the school and the candidate must have an annual premium level membership. Candidates must upgrade from free Schrole Connect to premium US $ 75 and schools must upgrade from Schrole Connect to Schrole ConnectPlus, the highest membership category with a base fee of US $ 9000.
The Shroll Group last raised मे 5 million in post-Ipo loans from Faria Education Group in May 2020.
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