Code Institute Raises €1.2 Million

30 Mar 2020 | 10.24 am

Code Institute Raises €1.2 Million

Kernel Capital and Cyril McGuire invest

30 Mar 2020 | 10.24 am

E-learning company Code Institute has raised €1.2m in a funding round led by Kernel Capital through the Bank of Ireland Capital Growth Funds and Infinity Capital.

Founded in Dublin in 2015 by Anthony Quigley and Brendan Nevin, Code Institute delivers online coding education courses to students in Europe, the US, Canada and Singapore. Corporate clients include Facebook and Google.

Kernel Capital invested €500,000 in Code Institute in 2016. Enterprise Ireland is also a significant backer, having invested €450,000 in the business in several instalments between 2015 and 2017.

The latest €1.2m funding round comprises a 50/50 investment by Kernel Capital and Infinity Capital.

Code Institute’s most recent account filings are for 2018, when the business booked a profit of €130,000, which brought accumulated losses back to €303,000. The company’s debtor book value increased from €545,000 to €826,000 and it posted a year-end balance sheet deficit of €298,000.

Kernel Capital’s Orla Rimmington said that the Covid-19 pandemic has led to unparalleled education disruption, which in turn highlighted the role of ed-tech. “The investment will ensure that Code Institute is well positioned to expand their global footprint,” she added.

CEO Jim Cassidy (pictured) said the company principals were proud of what they have accomplished in four years. “We are delighted to have both infinity Capital’s Cyril McGuire and Orla Rimmington join as board members. We are hungry to accelerate our European expansion and the investment will enable us to fuel our vision of setting the global benchmark for the vocational training of software developers.”

Kernel Capital was advised by LK Shields on the transaction.

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