Client Introduction

Cluey is an online education technology company providing academic support for students in Australia and New Zealand. In addition, Cluey delivers co-curricular online, holiday camps and after-school programs in Australia.

Problem / Opportunity

Cluey’s relationship with Grant Samuel started in the company’s evolution of pioneering a new sector in online tutoring and test preparation. The company required substantial capital to build a platform and systems which combine education, technology and data to deliver quality education outcomes for students. Cluey required an adviser that could commit to a long-term partnership, provide access to capital markets and M&A opportunities.

Solution

Grant Samuel has executed multiple capital raisings for Cluey including a $20m Series A raising in 2019, $20m Series B raising in 2020 and a $30 million IPO with a $144m market capitalisation in 2020. The Grant Samuel team developed and articulated a compelling equity story, articulating the key investment highlights to early-stage investors as well as public markets investors during the IPO process.

 

Key outcomes and benefits

  • Series A and Series B raisings introduced high quality institutional partners that delivered Cluey with access to capital and flexibility on the path to future liquidity
  • Grant Samuel’s IPO approach included comprehensive positioning and advice on commercial issues including appointment of the broker syndicate
  • Our flexible process allowed Cluey to take advantage of a favourable market window, resulting in a non-deal roadshow 1-week after broker appointment and pricing (at the top of the price range) five weeks after appointment

 

Inspiration

“The Grant Samuel team is truly different to other corporate advisers we have worked with. We found them to be genuine, trustworthy and willing to put in the really hard work to get to understand our business. They take a strategic view and complement this with the right transaction. We value the commitment and long-term partnership offered by the firm and its people.”

Mark Rohald, Co-Founder and CEO