Sunday, November 19, 2017
Crimson capital raise catapults 21-year-old Jamie Beaton on to rich list

Crimson capital raise catapults 21-year-old Jamie Beaton on to rich list

Photo / Fiona Goodall

Financial wunderkind Jamie Beaton has raised $41 million from New York investors, putting the 21-year-old from St Heliers firmly on to the rich list and valuing his Crimson Consulting at $220m.

Beaton, a recent financial mathematics masters graduate from Harvard University, founded Crimson in 2013 to shepherd secondary school students through the competitive Ivy League admissions process.

The recent share issue values Beaton’s one-third stake in the company at $73m. The National Business Review‘s annual Rich List purports to rank all New Zealanders with a net worth of $50m or more.

Beaton, speaking from Singapore, said the funding would allow further expansion into Bangkok and Mumbai, and would see a ramping up of their online offerings.

“A big portion of this round is dramatically building out our engineering team across NZ and also the US.

It’s going to take up our headcount significantly, and we’ll be one of the largest technology companies locally,” he said.

Beaton said he hoped Crimson would be employing “around 75” software engineers and developers by year’s end.

He said the company had raised $41m in additional funding, but did not disclose further financial information, nor the identity of investors.

Companies Office filings suggest the issue saw 18.75 per cent of Crimson sold to new investors in the raising, largely taken up by New York-based Tiger Management.

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Matt Nippert is a business investigations journalist& NZ herald

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