Tao Mantaras, co-founder of a rapidly expanding education technology firm referred to as the ‘Spotify for textbooks’, has announced the company’s intention to pursue an IPO within the next five years.
Mantaras is one of the four co-founders of Bibliotech Education, a platform that provides university students with access to thousands of e-textbooks online through a low monthly subscription. Recently, the company secured £3 million in investment. This funding round was led by prominent investors, including the family office of former co-founder and CEO of Indeed.com, Paul Forster, and entrepreneur Fritz Demopoulous. Oxford Sciences Innovation, an existing investor, also increased its stake.
The newly acquired funds will be utilised to strengthen Bibliotech’s presence in the UK and facilitate expansion into the US. Mantaras revealed that the company is already established in 20 institutions, such as Imperial College, Oxford University, and UCL. He expressed the ambition to extend their foothold to every university across the UK, allowing every student access to their content through Bibliotech.
Mantaras further highlighted the company’s realistic aim of floating their shares within five years. He believes the market is sufficiently large to support such a move. Bibliotech has already secured deals with major academic publishers, including Pearson, McGraw-Hill, Wiley, OUP, and Sage, and plans to broaden its educational catalogue to encompass Wikipedia pages, lecture notes, and journal articles.
The company’s expansion into the US is deemed crucial. Given that the US market is roughly ten times the size of the UK in terms of expenditure, success in this region could establish Bibliotech as a global player, which aligns with their long-term goals. Over the past year, Bibliotech has doubled its workforce to 20 employees across its London and Chicago offices and intends to use the new investment to further grow the team and enhance its technology.
Mantaras stressed the importance of continuous product development to maintain a significant advantage over competitors. He noted, from his experience in start-ups, that developers are indispensable as there is always room for improvement or new features to be added. The company aims to invest heavily in product development to ensure a clear distinction from its nearest competitors.
Bibliotech Education is positioning itself for substantial growth and a potential IPO, driven by recent investments and an ambitious expansion strategy. Their focus on extending their reach within the UK and the US markets, along with significant investments in technology and product development, sets the stage for their future as a major player in the education technology sector.