The Gold Coast Innovation Hub is pleased to announce another significant local success with literacy company, I Love Reading, agreeing terms for a sale to a syndicate of investors, to fund commercialisation and expansion in Australia and overseas markets, notably China.
I Love Reading has agreed terms for the sale of the ILR program for more than $1 million to a group of investors including Hong Kong company, New Wave Capital, in association with the Gold Coast Innovation Hub’s investment arm, 42 Ventures. The group will also invest further capital in the business to aid its growth.
I Love Reading is a unique literacy program designed to facilitate the rapid learning of reading English. The program takes the English Phonetic Code, developed by the Mamone family, and packages it into a practical and easily understood resource for accelerated literacy development.
Mr Danny Maher, Chair of Gold Coast Innovation Hub and 42 Ventures, said the local product caught the eye of investors because of its commercial potential.
“I Love Reading is a proven, home-grown product, that has delivered outstanding results for school children and could change the lives of millions of people who have the desire to learn English. With the right investment, the software could also be further developed to facilitate the rapid learning of other languages including Mandarin and French.
“I Love Reading as a commercial entity requires restructuring and significant new investment in ongoing software development, marketing and establishing international networks, to reach its potential. The Gold Coast Innovation Hub’s role has been to assist the organisation in finding the best path to success, make connections with investors and with international markets.
“It is wonderful to see another innovative Gold Coast company leverage The Hub to move towards international commercial success,” Mr Maher said.
I Love Reading Pty Ltd is a wholly owned subsidiary of Hillcrest Christian College Ltd, based on the Gold Coast. The program has been used extensively and successfully at the College and has been sold to other schools across Australia.
Hillcrest College Board Co-chair, Jame Lewis, said the Board had received offers from a number of potential investors, and is delighted to find a group which has the financial capacity and capabilities to ensure the I Love Reading program meets its potential. I Love Reading will continue to be available to students and teachers at Hillcrest and other schools currently using the progam.
“We developed the concept and have demonstrated its potential, and teachers and students alike have praised the value of the program. But we recognise the time is right for I Love Reading to grow commercially and that requires considerable time and investment that is beyond the core business of the College.
“I Love Reading has been a progressive education venture for Hillcrest. It has delivered exciting results for students and negotiating the sale of the business will allow us to recover our investment and make a surplus to reinvest in the College.
“We are very proud to be the founder of I Love Reading and we look forward to watching it grow and expand,” Mr Lewis said.
Contact: Alasdair Jeffrey
T: +61 7 3229 4499
M: +61 404 926 768