LDC, a mid-market private equity firm, has invested in Avantis, a provider of virtual reality-based learning technology to the international education market.
LDC’s investment was led by Partner Aziz Ul-Haq and Investment Manager Grant Goodwin from its North West team, both of whom will also join the board. Andy McEwan will continue as Non-Executive Chair.
With its technology used in over 100,000 classrooms worldwide, the education technology business has generated revenues of over £20 million in the last 12 months. LDC is backing Avantis’ existing management team, led by Founder Nik Tuson and Managing Director Huw Williams, to further enhance its suite of products and services and continue Avantis’ international expansion.
Former Texthelp CEO Mark McCusker is joining the board as Non-Executive Director to support Avantis’ international expansion plans. A previous LDC portfolio company, Texthelp is a specialist international education and corporate software provider that grew revenues 40% and expanded across the US during an 18-month partnership.
Key Capital Partners will remain invested in Avantis to continue to support the business following its initial investment in February 2020.
