New Crimson capital values founder Jamie Beaton's stake at $73m
US billionaire Julian Robertson injects $US29.5 million into Crimson Consulting.
US billionaire Julian Robertson injects $US29.5 million into Crimson Consulting.
See more: Crimson’s full-blooded valuation draws scepticism (Oct 7)
Education consulting firm Crimson Consulting appears to have raised $US30 million in its latest capital raising round, largely from US billionaire Julian Robertson, according to Companies Office filings.
Mr Robertson (who has an honorary New Zealand knighthood) and his investment vehicle Tiger Global Private Investment Partners contributed $US29.5 million while other supporters included former Seek executive Jason Lenga ($US150,000), Ice Angels ($US218,195) and Guy Wallace ($US98,530), according to a director's resolution issued this morning.
The recent share adjustments indicate the company claims an astonishing value of $US160 million ($220 million), and 21-year-old Crimson founder Jamie Beaton's 33% stake at $73 million.
Mr Beaton and Ice House chief executive Andrew Hamilton have declined to comment.
The Auckland-based business says it helps students get into the world’s Ivy League universities by coaching and tutoring them. The prime minister’s son, Max Key, is among its consultants.
On its website, Crimson says it received 45 offers for its clients to study at Ivy League universities in 2016. It says it employs 2000 tutors worldwide.
The series B round has reduced Mr Beaton’s and co-founder Shandre Kushor’s shareholding from 49% to 33%, and 11% to 9%, respectively. Mr Robertson and his company's stake increased to 18.6% and 10%, respectively.
Mr Robertson and other international investors injected $US5 million into Crimson in August 2015, which was 10 months after it raised $1.4 million from the Icehouse’s Ice Angel Showcase.
It has acquired several tutoring companies in the past couple of years, such as Ivy Plus, Med View, Number Works and Uni Tutor.
Crimson said it acquired Campus Link in February and issued founder Anne Gaze a small number of Crimson shares. However, she disappeared from the company’s share register a few weeks later.
Mr Beaton said Campus Link had returned to its old structure and Crimson “wishes it all the best.”
Ms Gaze would not comment but Campus Link’s website says it is not owned by Crimson and “repeated requests have failed to have us taken off their site.”