Crimson Consulting flush with new funds
Every angel looks for exponential growth in their ventures and Crimson Consulting’s 300% growth in revenue is just the sort of metric they love….
An education consultancy founded by two New Zealand entrepreneurs has raised more than $7 million from international hedge fund managers in a US$50 million valuation of the company.
Crimson Consulting, the brainchild of Jamie Beaton, 20, and Sharndre Kushor, 21, secured US$5 million ($7.7 million) from national and international investors, including Tiger Management founder Julian Robertson.
The latest round of capital raising comes 10 months after the startup raised $1.4 million in Icehouse’s Ice Angel Showcase.
Since then, Crimson has reported a 300 per cent increase in revenue.
Crimson Consulting offers programmes to help high school and university students excel academically while applying equal effort to extracurricular activity.
It contracts the services of 300 subject matter experts and former admissions staff from universities and corporate organisations including Harvard, Yale, Cambridge, Google, McKinsey and Goldman Sachs.
Aside from focusing on expanding, Crimson has been engaging in horizontal integration, acquiring pre-medical tutoring company MedView, sports consultancy PlayAtlantic, and youth initiative Motivational Corner.
The latest investment round would help the business expand its global operation, Beaton said.
“Our aim is to extend our offering to more students around the world, offering targeted, personalised programmes that build trajectories for ongoing success.”
Crimson clients were usually focused on gaining admission to specific university programmes, or pursuing competitive career pathways in organisations such as Google, Beaton said.
In the past 12 months, clients had gained admission to eight top-ranking schools in the United States and Britain, and to schools including Monash and Sydney, Beaton said.
Crimson has also made the shortlist for the Rising Star category of Deloitte Fast 50 2015.