Posted on April 17, 2019 by staff

HSBC £14m fund in EdTech ‘creative computer’ company

HSBC £14m fund in EdTech ‘creative computer’ company

Kano co-founder, Alex Klein
Kano co-founder, Alex Klein

HSBC UK has announced a partnership with London-based creative computer company Kano, which will see the bank provide the company with a £14 million funding package to facilitate its ambitious growth plans.

The agreement will help Kano to sustain year-on-year growth in 2019, provide a more flexible lending approach to its working capital cycle and further enable the company to respond quickly to the increasing demand for their products globally.

Since shipping its first “computer and coding kit for all” in September 2014, Kano has used DIY computer kits and code to teach computing rather than beginning with a traditional computer.

The company now has more than a quarter million devices in 150 countries, Kano kits have been used to create more than 67 million lines of code.

Its users have shared more than 859,000 creations including music, art, games and apps on the company’s online platform, Kano World.

In 2018, Kano introduced new kits to its lineup, including the Harry Potter Kano Coding Kit.

“The technology sector is a key area of focus for HSBC UK, and we are looking to apply our expertise and global footprint to support the journey of high growth, entrepreneurial businesses – Kano fits that profile exactly,” said Roland Emmans, HSBC UK Head of Technology.

“The UK EdTech market has the potential to be transformative, helping each and every student achieve their potential. These new tools and devices benefitting teacher-student interactions, job satisfaction for teachers and student outcomes.”

Alex Klein, Co-founder & CEO of Kano added: “We are committed to further investing in our core markets, whilst enhancing our expansion into Europe, Asia and South America.”

“With our widespread reach and deal with HSBC UK, we now have a banking partner that can offer us the knowledge of a global network and provide flexible financial backing to help us meet supply and demand.”

 Nicolae Stan, HSBC UK Relationship Director for East London Corporate Banking Centre, said:“Kano is a hugely exciting company that educates the next generation to understand how technology is created. With a fun and simple approach, Kano encourages learning through play.

“The business has already seen sales grow dramatically year-on-year and we are thrilled to support the company with funding to aid additional global expansion.”