Client Introduction
Cluey is an online education technology company providing academic support for students in Australia and New Zealand. In addition, Cluey delivers co-curricular online, holiday camps and after-school programs in Australia.
Problem / Opportunity
Cluey’s relationship with Grant Samuel started in the company’s evolution of pioneering a new sector in online tutoring and test preparation. The company required substantial capital to build a platform and systems which combine education, technology and data to deliver quality education outcomes for students. Cluey required an adviser that could commit to a long-term partnership, provide access to capital markets and M&A opportunities.
Solution
Grant Samuel has executed multiple capital raisings for Cluey including a $20m Series A raising in 2019, $20m Series B raising in 2020 and a $30 million IPO with a $144m market capitalisation in 2020. The Grant Samuel team developed and articulated a compelling equity story, articulating the key investment highlights to early-stage investors as well as public markets investors during the IPO process.
Key outcomes and benefits
- Series A and Series B raisings introduced high quality institutional partners that delivered Cluey with access to capital and flexibility on the path to future liquidity
- Grant Samuel’s IPO approach included comprehensive positioning and advice on commercial issues including appointment of the broker syndicate
- Our flexible process allowed Cluey to take advantage of a favourable market window, resulting in a non-deal roadshow 1-week after broker appointment and pricing (at the top of the price range) five weeks after appointment