Nigerian startup Klas just scored big in funding, pulling in $1 million in pre-seed cash. Ingressive Capital led the charge, joined by Techstars, HoaQ, and other backers.
Co-founder Nathan Nwachuku, who kicked off Klas at just 18, compared it to a “Shopify for online teaching.” This platform helps folks launch online schools, whip up e-books and courses, and even run live lessons.
Since its debut, Klas has lured over 2,000 creators. Now, with a whopping 5,000 on board, they’re teaching 300,000 learners in 30 countries. And those creators are raking in big bucks, with some pocketing “hundreds of thousands of dollars.”
Nwachuku and his partner Lekan Adejumo got Klas off the ground with $130,000 from Nigerian bigwigs like Tola Adesanmi of Spleet, Odunayo Eweniyi of Piggyvest fame, and Nadayar Enegesi from Eden Life.
Techstars Toronto also gave them a nod, picking them as one of nine African startups for their 2022 Winter lineup.
Now, armed with fresh funding, Klas aims to grow its creator base to over 100,000 worldwide by 2027. They’re tweaking their pricing model to boost revenue and eyeing expansion into India and North America.
Speaking of India, the online tutoring scene there is booming, set to jump by $10.5 million by 2027, with a fancy 17.03% growth rate. Platforms like Khan Academy are already making waves, spreading STEM courses far and wide.
But Klas isn’t sweating the competition, even with YouTube as a big player in the mix. Nwachuku says they’re all about a closed ecosystem, unlike the big dogs who rely on integrations.
Their virtual classroom, KlasLife, is all homegrown, no Zoom or Google Meet needed. They’re banking on their unique setup to set them apart.
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