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    Treasurer and Minister for Trade and Investment
    The Honourable Curtis Pitt

    $1 million to support innovative literacy education resource

    Treasurer and Minister for Trade and Investment
    The Honourable Curtis Pitt

    Tuesday, August 01, 2017

    $1 million to support innovative literacy education resource

    Intrepica Group has celebrated the start of Word Mania 2017 with Queensland Treasurer and Minister for Trade and Investment Curtis Pitt announcing the Gold Coast-based business has received a $1 million investment from the Queensland Government’s Business Development Fund.

    Mr Pitt made the announcement at Varsity College, where Intrepica has implemented a comprehensive online literacy education program called LiteracyPlanet, which delivers content through a cutting-edge digital platform.

    “Students at Varsity College are among 400,000 others at 3,500 schools across Australia and New Zealand engaged in Word Mania 2017 to improve their literacy skills,” said Mr Pitt.

    “This is the biggest literacy competition for schools in Australia and New Zealand so it’s especially impressive that the work of a Gold Coast business can play such a significant role.

    “Intrepica will use this $1 million investment from the Palaszczuk Government to support its growth in Australia and overseas.

    “LiteracyPlanet is already extremely popular due primarily to its engaging gamified approach, flexibility to cater to diverse learning needs and a growing body of evidence that it leads to improved learning outcomes.

    “LiteracyPlanet offers thousands of curriculum-aligned exercises to cover sills in pre-reading, phonics, sight words, reading, spelling, vocabulary, comprehension, grammar, punctuation and writing.

    “This investment aims to further assist the business take Gold Coast, Queensland and Australian ideas and innovations to the world.”

    LiteracyPlanet had grown from its formative days in 2007 and had established a strong Australian foothold with an emerging business in the United Kingdom, and potential for further international growth.

    In Australia the online education market is forecast to generate $5.4 billion in revenue in the 2016-17 financial year with growth rising at around nine per cent year on year.

    The $40 million Business Development Fund is part of the Palaszczuk Government’s $420 million Advance Queensland suite of programs designed to create knowledge-based jobs of the future.

    The Fund invests from $125,000 up to $2.5 million in matched funding, alongside private sector co-investors to assist businesses turn their ideas and innovations into commercial realities.

    Intrepica’s Business Development Fund co-investor support partner is Ellerston Capital (Venture).

    “Co-investing with the Queensland Business Development Fund allows us to help the company accelerate a number of key initiatives,” said David Leslie, Investment Director at Ellerston.

    “These new initiatives include new product features and international expansion which is part of LiteracyPlanet's growth and vision of being the leading digital literacy program in Australia and overseas.”

    Mr Pitt said Intrepica Group is among 13 innovative Queensland businesses to receive Fund investment. The Fund has now contributed a total of $14.9 million.

    Further information on the Fund is available at: www.treasury.qld.gov.au by emailing bdf@treasury.qld.gov.au or phone 13 QGOV (13 74 68).

     

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