Today, Kortext, the UK-based digital textbook and learning platform provider, announces dmg ventures, the venture capital arm of Daily Mail and General Trust plc (DMGT), has led a scale-up funding round in the Company. dmg ventures has subscribed for new shares in Kortext, run by founder and CEO James Gray. Manuel Lopo de Carvalho, CEO of dmg ventures, has been appointed as a Non-Executive Director of the Company.
James Gray, CEO and Founder of Kortext, said:
I am delighted to have dmg ventures as a strong shareholder as we accelerate our go-to market strategy. Our aim is to meet the needs of universities and students around the world as they switch to the use of digital learning materials and gain the advantages of using advanced learning analytics to help improve student outcomes. dmg ventures’ media expertise and cross-disciplinary team will undoubtedly help Kortext reach new and diverse audiences and we look forward to accessing that experience and knowledge. Their portfolio of successful brands speaks for itself.
Manuel Lopo de Carvalho, CEO of dmg ventures, said:
We initially invested in Kortext’s seed round in 2018 as we see education as one of the few remaining sectors where consumers still rely predominantly on printed material for content. Kortext is an innovative company that has managed to navigate the complex higher education system to distribute and monetise content digitally - which is why we’ve committed more capital to help them grow.
There is a global market for publisher technology and Kortext is at the forefront of an exciting transition from print-based, analogue-learning systems to more digitally-based learning systems. With Kortext, we’ll be able to work with students as they progress from primary to secondary to tertiary education and beyond. We look forward to supporting James and his team as they continue to grow in this arena at such an interesting time.