Lawrenceville, Georgia-based Boxlight, a leading provider of technology solutions for the global education market, has secured additional $750,000 working capital required to accelerate growth of the company.
The investment is part of a funding agreement with Lind Global Macro Fund, LP, an investment fund managed by New York-based institutional fund manager The Lind Partners.
Founded in 1985, Boxlight aims to improve learning and engagement in classrooms, and to help educators enhance student outcomes and build essential skills, by developing the products they need. The company develops, sells and services powerful, integrated educational technology solution suite, including software, classroom technologies, professional development, programming and robotics, and support services.
Boxlight said the new investment will allow the company to execute its strategy of revenue growth and improved earnings.
Explaining its commitment to help improve education outcomes in classrooms, Harold Bevis, CEO of Boxlight, said in a statement,
“We are fortunate to have a supportive investment partner during this critical stage as a company. Proceeds from The Lind Partners investment will increase our working capital and allow us to execute our strategy of revenue growth and improved earnings. We are committed to increase market penetration and delivering value to our shareholders, while improving education outcomes in classrooms globally.”
Boxlight acquired Mimio, the developer of ink capture system, in 2016. Together they are a leading global provider of technology in the classroom today. In 2018, the company acquired Qwizdom to deliver innovative and research-based software solutions. In the same year, Boxlight acquired EOS Education, a consulting and professional development company for K-12 education market, and today it provides a rich portfolio of classroom training, professional development, and educator certification services. Boxlight expanded its offerings to educational programming and robotics solutions in 2019 by acquiring Modern Robotics Inc., developers of the innovative MyBot robotic program. This solution helps students from pre-school to high school develop skills and a passion for programming and robotics.
Phillip Valliere, Managing Director at The Lind Partners, commented on the investment saying,
“Boxlight is positioned to be a leader in the K-12 education with their award-winning solution suite, experienced management team and global partner network. We are supportive of management’s vision and are committed to continue to support the company as their long-term capital partner.”
The investment is said to be in the form of a $825,000 convertible note with a 24-month maturity, 8% APR and a fixed conversion price of $2.50 per share of Boxlight’s Class A voting common stock. Under the terms of the note, Boxlight has the right to make principal and interest payments in the form of either cash or Class A common stock.
Meanwhile, it is said that with this additional investment, Lind Global Macro Fund, LP has provided a total of $6,000,000 in net investment proceeds to Boxlight during the previous 12 months.
