Highlights

• Cluey Ltd was recently awarded Technology Growth Company of the Year at the Australian Growth Company Awards, as well as recognised in the HolonIQ list of the most innovative Edtech companies in the country
• The ASX-listed company has an after-school offering, ‘Code Camp’, in addition to its core online school tutoring service
• Cluey delivered over 100% year-on-year growth in revenue and gross profit during the financial year 2022
• The first quarter of FY23 saw continued growth across all key group metrics

It could be a misinterpretation to assume that the COVID-19 pandemic alone is responsible for a sweeping change underway in the education sector. The pandemic, which restricted movement and accelerated online home-based learning, struck in early 2020. As a result, Cluey Ltd, already operating in the online tutoring sector since 2018, made it easy for parents and students to switch to their service quickly and seamlessly.

Cluey (ASX:CLU), which is listed on the Australian Stock Exchange (ASX), had an early mover advantage in the education technology (Edtech) space. The company has grown into the largest online tutoring service provider in Australia, recently delivering its 1 millionth learning session, with an unmatched education support system for learners. Cluey’s service is delivered by more than 2,500 expert tutors who are top ATAR achievers, qualified teachers, and subject matter experts.

Here is how Cluey has changed the face of learning in the country.

Exhaustive learning and development support

Cluey Learning, a wholly owned subsidiary of Cluey Ltd, augments school education via an all-encompassing live tutoring service, using video, audio, and an interactive virtual whiteboard, for critical subjects, including Mathematics, the Sciences (Chemistry, Physics, and Biology), and English. The team of experienced educators at Cluey is responsible for the quality of every learning program, including content and tutor development. The content is mapped to the Australian National Curriculum and tailored to the topics being covered in class.

Dedicated learning programs for primary, secondary, and senior levels, with face-to-face live online classes, make Cluey a single-stop destination for students. The company also provides exam preparation tutoring support to translate learning into actual, tangible outcomes. Expat and special needs learning are also a part of the company’s portfolio.

Code Camp is an additional service that focuses on the overall development of school-going kids. It comprises holiday activities and after-school programs for children aged five to 13. Technology and creative thinking are at the heart of Cluey’s Code Camp offering, which was recently introduced in the UK market. Some of the major programs offered by Code Camp include YouTube Creators, Animation Camp, Coding, and Drone Camp.

Awards and Financials

In October, Cluey Ltd was announced as the winner of the Technology Growth Company of the Year Award at the Australian Growth Awards (2022). This established the company as a market leader in the Edtech field, validating Cluey’s product market fit and demonstrable demand for its services.

Previously, Cluey was identified as one of Australia’s fastest-growing technology companies at the Deloitte Technology Fast 50 Awards (2021). Cluey was also included in the HolonIQ inaugural list of the most innovative Australian Edtech companies.

In the Financial Year 2022, Cluey demonstrated incremental growth by adding nearly 35,000 new students (95% growth on a year-on-year basis). This reflected how deeply Cluey is penetrating the online school tutoring space. An upsurge of 110% and 116% (year-on-year) in gross profit and revenue, respectively, were also observed in FY2022.

The company continued this growth momentum, delivering growth and improvement in all key metrics during the first quarter of FY23. To know more, read here

Source: Chairman’s Address to the Annual General Meeting of Shareholders 2022

A journey worth attention

Cluey has grown into a significant Edtech market participant in Australia, with interests in the New Zealand and UK markets. 1:1 learning and small group sessions underpin Cluey’s rapid growth. Over time, Cluey has added new verticals, including Code Camp and more subjects in its tutoring division. The increase in the number of students has been accompanied by a sizeable reduction (24% in FY 2022) in variable customer acquisition costs (CAC).

CLU shares traded at AU$0.41 on 16 January 2023.