Seed Fund Backing Set to Transform Youngsters' Learning

April 31th 2005

A Liverpool based e-learning business is set to transform the education of children all over the country with backing from the new £27m Liverpool Seed Fund and support from Liverpool Ventures.

Taecanet specialises in curriculum based online learning. The company, set up by IT experts John Davison and Ian Nairn, has just relocated to Merseyside from Wiltshire with investment totalling over £400,000. The funding comprises £250,000 from The Liverpool Seed Fund, £150,000 from Directors and other private individuals own investment. The company has also secured a loan facility in excess of £100,000 from Liverpool City Council and the DTI's Small Firms Loan Guarantee scheme.

The company is now developing the range of subjects it covers and the sophisticated technology and software systems needed to manage the huge amount of content it will offer. Successful trials have already proved a hit with teachers in Woodchurch Road School, Birkenhead and the James Elliman School in Slough.

Taecanet (www.taecanet.com) offers a subscription based e-learning service, initially aimed at primary and secondary schools. For each national curriculum subject Taecanet uses expert virtual teachers to create 'learning journeys' which are specifically designed to retain pupils' interest, concentration and ability to retain information.

Managing Director David Hesketh said: "We spent a great deal of time working with teachers to develop the concept and found that there was huge demand for additional online resources guaranteed to save teachers time and allow children to access crucial curriculum focused information and enjoy the learning process at the same time"

Director and Co Founder John Davison added: "We relocated to Merseyside because of the unique combination of quality advice, finance and practical support available to us here. Without it the business couldn't have taken off. Now we aim to develop different learning journeys for all subjects on the school curriculum and ensure as many youngsters as possible can benefit."

Investment Director of The Liverpool Seed Fund, Darren Gowling said: "We were delighted to have invested in Taecanet. We have seen a steady flow of interesting proposals since The Liverpool Seed Fund opened for business and this is an innovative company which has a strong management team and good potential. "

Steve Nesbitt Chief Executive of Liverpool Ventures said: "Taecanet is an exciting business operating in a global marketplace. We were pleased to have been able to support the business, help raise the funding it needed and now we are looking forward to continuing to work with the company as it progresses."

Over the next five years turnover is expected to exceed £10m and local staffing levels will reach 20. Legal advisors involved in the transaction were Neil Kelly of Powell Forman Kelly solicitors acting for management and Mark O'Connor of O'Connors acting for MSIF.

The Liverpool Seed Fund is a new £27m fund which is managed by Merseyside Special Investment Fund (MSIF)and provides proof of concept, commercialisation and first round venture capital finance for new and early-stage knowledge-based companies.

Liverpool Ventures is a new organisation which provides specialist management support services to businesses backed by The Liverpool Seed Fund and also assists with applications to the Fund.

Ends

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Picture Shows L-R Left, John Davison of Taecanet, Neil Kelly of Powell Forman Kelly, David Hesketh Taecanet, Steve Nesbitt Liverpool Ventures and Ian Nairn, Taecanet (far right) in Taecanet's new premises based in Liverpool Digital, Edge Lane.

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