Education platform Teachable, which enables anyone to create and access well-designed online courses, has raised $2.5 in additional funding from Accomplice Ventures, Naval Ravikant, and Lern Capital.
To date, the company, which marked its two-year anniversary this May, has raised $4.5 million and experienced rapid revenue growth, averaging over 20% each month this year. In other words, it multiplied its total revenue by tenfold in one year.
“We’re probably the largest online education company no one knows about,” Founder Ankur Nagpal said, “And what’s most exciting about this is that the we’re still on the ground floor. In the future, more people will sell information online than physical goods and while there are a plethora of billion dollar companies that help you create your own online store to sell physical goods, the market for information is wide open.”
Teachable reached 1 million students in January 2016, making it one of the fastest growing education companies to hit this milestone. Over 700,000 educational videos have been uploaded through the company’s software. The site has sold over $10 million in courses, and the average instructor makes $5,000 per course launch.
Some users, however, have made much more teaching on the site. The Edsurge reports that Bitfountain, which uses the website to teach iOS development, made more than $1 million off of their video classes. Mariah Coz of Femtrepreneur, who teaches social entrepreneurship, made $450,000 on her most recent course.
The online courses have become the product of choice for bloggers, YouTube subsrcibers, and online entrepreneurs. Classes offered range from programming to jazz to watercolor painting. There is no technical expertise needed to use Teachable; the site caters to the average person looking to market themselves and their skills. The website is also used by enterprise companies looking to train customers and employees.
Teachable differentiates itself from typical course marketplaces like Udemy, Coursera, and Udacity. On Teachable, every teacher has complete access to student data and control over branding and pricing. Thus, instructors are allowed to create their own marketing strategies. Each teacher is able to market and sell their courses on their own branded website rather than being forced to use a marketplace model.
Kunwar Prithvy Singh Chauhan of Tech Bulletin notes that the website’s revenues are based on a subscription model. The startup costs range from $39 and $299 per month based on various features and the amount of content offered by an instructor. The website also advertises a free model where instructors can pay on the basis of their sales. Additionally, teachers have the ability to offer their content entirely free of charge to any interested user.
Founded in 2014, the New York-based startup aims to create a platform that engages students and teachers of all levels across disciplines. The website has an 18 member team right now, but, given its impressive fundraising, the startup is looking to hire more employees for the development and sales teams.