Teachable, formerly known as Fedora, has raised $2 Million in seed round to help instructors set up the branded stores for selling their courses to online learners without much of the technical work. The latest round saw participation from new investors like Naval Ravikant (AngelList), Accomplice and Learn Capital as well as previous investors like Maiden Lane Ventures, Winklevoss and Matt Brezina (Sincerely).
The startup lets the instructors set up their own stores to teach online learners without any commitment. Teachable is trying to take an opposite approach in the times of services like Udemy, Lynda etc.
Ankur Nagpal (Founder – CEO) stated that Teachable considers itself the shopify of online learning. He further added that they are working on an anti-marketplace module where the instructors are free to set their pricing, payment gateway, courses and methods of teaching. There is no central directory of the content.
With the raised funding, the startup is looking to scale the operations along with investing in segments like marketing, hiring and product development.
The revenue model for teachable includes the subscription based model. Where the startup charges anything between $39 to $299 per month based on various features and the amount of content a particular instructor has. Also, it has a free model where the instructors can pay on the basis of total sales. Teachable does not charge anything from the instructors who have made their content completely free for everyone online.
It has an 18 member team right now and with the latest funding, the startup is looking to hire a few more members in the development as well as sales team.