Jamie Beaton

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Jamie Beaton
Jamie Beaton 2017 (cropped).jpg
Born1995or1996(age 29–30) [1]
Auckland, New Zealand
Alma mater
OccupationEntrepreneur
Years active2013–present
TitleCo-founder and CEO of Crimson Education

Jamie Beaton (born 1995/1996) is a New Zealand entrepreneur who founded Crimson Education.

Contents

In 2016, he graduated from Harvard University with a master's degree in applied mathematics. In 2022, a venture capital fund valued Crimson Education at US$550 million.

Early life and education

Jamie Beaton was born and raised in Auckland. His parents were property managers. [2] He attended King's College, Auckland on an academic scholarship. [2] [1] [2] [3] [4] Beaton graduated with a bachelor's degree and master's degree in applied mathematics from Harvard University in 2016 after three years of study. [2] [5] He also has two degrees from Stanford University and a master's degree in global affairs from Tsinghua University in Beijing. [6] In 2023, he received his Juris Doctor from Yale Law School. [7] [6] [8]

Business

In 2013, Beaton founded Crimson Education, an university and college admission preparation company, with Fangzhou Jiang and Sharndre Kushor. [7] [6] [9] [10] The business attracted investments of approximately NZ$1.4 million. Hedge fund managers Julian Robertson and Chase Coleman, as well as Alex Robertson and Soichiro Fukutake were the primary initial investors. [1] [1] [1] Customers of Crimson Education have reported paying thousands of dollars for tutoring services when attempting to gain entry to an Ivy League school. [1]

As of 2022, the business had 630 full-time staff and more than 3,000 tutors and mentors. [6] In the same year a capital raise by a venture capital fund valued the company at US$550 million. [7] [11] In 2024, the company was valued at $1 billion after a Series D funding. [12]

Lawsuits

In 2017, Crimson Education was involved in a breach of contract litigation with a former employee. The matter was eventually subject to a confidential settlement. [13] In 2018, the University of Auckland filed a suit against a Crimson Education subsidiary, alleging breach of copyright. The suit was eventually settled. [13]

In January 2021 it was reported that a $10-million High Court lawsuit had been filed by a competitor of Crimson involving allegations of employee poaching. [13] Beaton had also filed a civil assault claim against the owner of that competitor. [13] Crimson Education chose not to comment on the assault claim filed by Beaton. Crimson stated it was not unusual for companies like Crimson to "experience some commercial litigation". [13] In May 2022, media reported that the parties reached a confidential settlement. [14] [15]

Personal life and politics

Beaton was in a relationship with Crimson Education co-founder Sharndre Kushor. Beaton and Kushor met during their secondary education at a Model United Nations conference. [2] [2] [4] As of 2022 they were no longer in a relationship. [7]

Beaton sat on the review panel of the centre-right New Zealand National Party election campaign after the party lost the 2020 election. [16] [13]

References

  1. 1 2 3 4 5 6 Nippert, Matt (4 February 2016). "Meet Jamie Beaton, the 20 year-old worth $40 million". The New Zealand Herald . Archived from the original on 9 January 2023. Retrieved 9 January 2023.
  2. 1 2 3 4 5 6 Olds, Jeremy (4 February 2016). "Business boy wonder Jamie Beaton: Vision transcends age". Stuff . Archived from the original on 9 January 2023. Retrieved 9 January 2023.
  3. ↑ Morgan, Edward (22 February 2022). "How to be accepted into a top US uni, by somebody who has done it". The Australian . Archived from the original on 10 January 2023. Retrieved 10 January 2023.
  4. 1 2 Stanton, Kate (17 September 2018). "'People thought we were interns but we were in charge'". BBC . Archived from the original on 17 January 2023. Retrieved 17 January 2023.
  5. ↑ Patten, Sally (13 September 2022). "Meet the 27-year-old with degrees from Harvard, Stanford and Oxford". Australian Financial Review. Retrieved 9 March 2024.
  6. 1 2 3 4 Patten, Sally (14 September 2022). "Meet the 27-year-old with degrees from Harvard, Stanford and Oxford". Australian Financial Review . Archived from the original on 9 January 2023. Retrieved 9 January 2023.
  7. 1 2 3 4 Nippert, Matt (16 October 2022). "Billion-dollar growth: Jamie Beaton's Crimson claims unicorn status" . The New Zealand Herald . Archived from the original on 15 January 2023. Retrieved 16 January 2023.
  8. ↑ https://www.wsj.com/us-news/education/ivy-league-college-venture-capital-23dc95fa?mod=hp_lead_pos9
  9. ↑ Skoric, Nikolina (24 October 2017). "Meet The 22-Year-Old CEO Who Used Facebook To Build A $200M Business". GQ . Archived from the original on 20 April 2019. Retrieved 9 January 2023.
  10. ↑ Bolton, Robert (15 October 2019). "Meet the 24-year-old CEO who just raised $20m". Australian Financial Review . Archived from the original on 9 January 2023. Retrieved 9 January 2023.
  11. ↑ Andrew, Michael (1 May 2022). "Jamie Beaton's rules for life". The New Zealand Herald . Archived from the original on 1 May 2022. Retrieved 9 January 2022.
  12. ↑ "Newly minted unicorn: Jamie Beaton's Crimson raises $68m at $1b valuation". The New Zealand Herald . 31 August 2024. Retrieved 15 November 2024.
  13. 1 2 3 4 5 6 Dunkley, Daniel (3 January 2021). "Dark cloud looms over NZ's bright young thing". Stuff . Archived from the original on 3 January 2021. Retrieved 9 January 2021.
  14. ↑ Mace, Will (2 May 2022). "Crimson and Eurekly settle legal claims" . National Business Review . Archived from the original on 1 February 2023. Retrieved 1 February 2023.
  15. ↑ Young, Victoria (9 May 2022). "Inside Crimson's latest secret settlement" . Business Desk. Archived from the original on 1 February 2023. Retrieved 1 February 2023.
  16. ↑ Thomas, Dom (23 November 2020). "National Party announces terms of reference for election campaign review". RNZ . Retrieved 9 January 2023.
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