Sydney-based Momentum Cloud has secured a loan from the New South Wales government that will help the education software provider create 95 new jobs over five years.
Based in Surry Hills, Momentum's cloud solutions include an online learning management platform deployed by 500 schools, two universities and a handful of government agencies, such as the Department of Family & Community Services and the Department of Education.
Jobs for NSW provided Momentum with the Accelerating Growth loan, which is granted to fast-growing SMEs to create jobs in the state.
Other projects backed by Jobs for NSW include a $1.67 million grant to BT to create 172 jobs at its North Sydney cybersecurity research centre, and the $35 million startup hub that will house Microsoft's ScaleUp program.
The loan will be used to support Momentum's national and international expansion. The company is eyeing the US and UK as potential growth markets.
“Jobs for NSW’s support has given us a solid launch platform to enable us to grow our business nationally and internationally,” said Momentum co-founder Aaron Hughes.
The company will also look to expand the reach of its platforms to SMEs, which is a learning management platform that allows organisations to create their own SaaS products.
“We wanted to provide a new level of thinking and a more modern suite of tools for schools and we have been evolving our platform to arrive at the goal-based coaching and mentoring platform,” Hughes said.
“Our platform now supports all organisations to align their organisational purpose and goals with an individual’s goals while empowering the individual to achieve their best.”