SupplyWell, a Liverpool-based EdTech firm that assists schools in reducing the cost of hiring supply teachers, has raised $1.23 million (£1 million) in a funding round. The substantial investment is expected to play an essential part in the company’s mission to create a more equitable future for teachers, schools, and students, with the funds used to enhance the platform’s features and expand its service options.
SupplyWell, founded in 2019 by former teacher Michael Heverin, recruitment specialist Raina Heverin, and marketer and technologist Dan Price, aims to ensure that teachers get adequate salaries while saving schools money. Its algorithms strive to match the right teacher, teaching assistant, or cover supervisor with an appropriate institution. Traditional private sector supply teacher recruitment businesses can typically take up to 50% in fees.
Speaking about the company, Co-founder & CEO of SupplyWell, Michael Heverin, said:
Rob Jones of RJF Accountants recommended James Philips at Oberon Investments. James helped us get fundraise ready through the consulting arm Elevix. The process they followed made all the difference. This investment allows us to scale into new regions, bringing real solutions to schools beyond the Liverpool City Region. It will help us help school leaders make their budgets go further through predictive data and add real value to their students’ outcomes and the wider school community. At the same time, we can create more consistent, flexible and better-paid job opportunities for teachers.
With over 20 employees, the startup already works with around 70 schools, primarily in the Liverpool city region. This new investment will help the firm expand further in the UK, now in Manchester and Cardiff.
SupplyWell received £500,000 in investment in July 2021, with £350,000 from the Liverpool-based MSIF. In October 2022, it set out to raise additional funds and received a £500,000 pledge from the Development Bank of Wales (DWB).