A tech scaleup which helps schools hire out facilities outside teaching hours has received 拢1 million in further investment.
Multi-family investment office Arete first backed Manchester-based Vivify in 2021 and is leading the fresh investment round after the platform signed up more than 70 schools, enabling thousands of hirer groups and grassroots teams to find and book local facilities.聽
Founded in 2020 by the current management team of Russell Teale and Alaine Swis, who have since been joined by finance director Carl Cox and chairman Richard Millman, Vivify has also established relationships with national partners, such as Total Swimming Academies, with whom they have launched the Movement Project 鈥� a national campaign led by Olympic champion swimmer Becky Adlington OBE to address the UK鈥檚 inactivity crisis.
The new round of funding will help Vivify launch a new product by developing its platform into a SaaS solution for schools who do not require a managed service.
Simon Lord, partner at Arete, said: 鈥淭he thesis that school facilities can be leveraged for the benefit of the community has been validated.聽
鈥淰ivify has generated a significant amount of revenue for schools to date, and this new capital round will enable the business to work with a greater number of schools by providing the technology for school stakeholders with limited time to easily launch and manage a community lettings programme in-house.
鈥淲e are very proud of the social and financial success the business has achieved to-date for all stakeholders. We are delighted that high calibre investors such as Bill Currie and Sir Terry Leahy, who come with significant experience in the education sector, are joining Vivify in this round of funding.鈥�
Russell Teale, CEO at Vivify, added: 鈥淭he initial investment from Arete enabled us to raise awareness of Vivify and offer a lifeline to schools, including some who were operating a deficit budget.聽
鈥淲ith costs like energy bills rapidly increasing, hiring out facilities can generate hundreds of thousands of pounds for a school, and in turn help with pupil recruitment which brings additional funding.聽
鈥淲ith 39% of sporting facilities existing behind school gates, schools really do have a pivotal role to play in improving the health of the nation, and this next phase of funding will help us to launch a new product to enable more schools to join the movement to improve the physical and mental wellbeing of communities across the UK.
鈥淲e are extremely proud of the feedback we have received from schools to-date, including additional benefits they didn鈥檛 expect, such as helping to reduce anti-social behaviour and improve adhesion, racial divides and inclusivity in communities by bringing people from different backgrounds together.鈥�