Kuala Innovations, Ltd. Acquires 8.2% Stake in Student EdTech Company Vemo Education, Inc.
- November 23, 2015
- Posted by: Kerry Schneider
- Category: Investors
From: London Stock Exchange
The Board of Kuala Innovations Limited (“Kuala” or the “Company”) is pleased to announce that it has agreed to participate in the early stage funding round of privately owned Vemo Education, Inc. and subscribe for 1,000,000 shares, representing 8.2 per cent of the shares (on a fully diluted basis) for cash consideration of US$1 million (one million US Dollars). This will be funded from existing cash resources.
VEMO is an Education Technology company working with U.S.-based colleges and universities to provide a technology platform for income-based student financing programs in the US$1.3 trillion student debt market in the United States. Vemo was founded to address this student debt crisis by developing income share agreement (“ISA”) programmes and deferred tuition plans and partnering with higher education institutions to make these funding options available to students.