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An Indian startup that began its life after the global pandemic broke last year said on Tuesday it has concluded its third financing round as it enables hundreds of thousands of teachers in the world’s second-largest internet market to run classes online and serve their students.
Bangalore-based Teachmint said today it has raised $16.5 million in its Series A financing round. The round was led by Learn Capital, the San Francisco Bay Area-headquartered venture capital firm that focuses on edtech firms and has backed some of the world’s most promising online learning startups, including Coursera, Udemy, Nerdy, Minerva and Brainly.
CM Ventures, and existing investors Better Capital, which first invested in Teachmint before the startup had even registered itself, and Lightspeed India Partners also participated in the new round, which brings the Indian startup’s to-date raise to $20 million.
Teachmint helps teachers conduct classes online through an app on their Android smartphone, iPhone or the web. The startup has built an all-in-one product that allows teachers to kickstart a live class, do doubt-clearing sessions, take attendance, conduct webinars, collect fees, find new students, offer support via phone calls and take tests, among other tasks.
“When the pandemic broke, teachers were struggling with several tools including Google Meet, Zoom and even YouTube/Facebook Live to teach online. They were using additional tools like Google Forms for tests and WhatsApp for communication. It was a difficult and disconnected experience for most teachers as none of these tools were productised for teaching. That’s when we decided to build a mobile-first video-first solution specifically for teaching,” said Mihir Gupta, co-founder and chief executive of Teachmint, in an interview with TechCrunch.
The product, available in 10 local languages, is highly localised for India-specific needs, said Gupta.
More than 700,000 teachers from over 1,500 cities and towns have signed up on the platform in less than 10 months since the launch of Teachmint’s product, said Gupta.
“From the Learn Capital team’s first meeting with Teachmint’s co-founders several months ago, it was clear that their collective team had meticulously architected an end-to-end, multi-modal, and best-in-class solution enabling teachers in India to instantly and seamlessly digitize their classrooms,” said Vinit Sukhija, partner at Learn Capital, in a statement.
“Now with over 700,000 teachers, Teachmint has become India’s leading online teaching platform,” he said, adding that Learn Capital believes that Teachmint can eventually expand its offering outside of India.
Gupta said Teachmint is currently not monetizing its product, and doesn’t intend to do so in the immediate future as it is currently prioritizing reaching more teachers in India and also expand its offerings.
He said most teachers have learnt about Teachmint through friends as it has limited investment in marketing. Teachmint is open to exploring any strategic acquisition opportunities with smaller startups, he said.
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As 2020 comes to a long-awaited end, a series of filings indicate that venture capitalists are ending the year with fresh money. According to SEC paperwork, Learn Capital and USV have filed paperwork that shows the firms have raised new, multimillion-dollar funds.
If you’ve been paying attention to news this past year, it’s clear that much of venture capital isn’t just surviving 2020 – it’s flourishing through it. Zoom investing, it seems, is working just fine for cash-rich firms looking to double down on bets in categories from edtech to climate.
First up, New York-based USV submitted a pair of filings on late Thursday. The first filing shows that the firm has closed $151 million for USV Climate 2021, which one can assume is focused on climate-tech investments. As my colleague Jonathan Shieber has pointed out, climate tech.
The other, more nebulous filing, is the firm’s $22.4 million investment vehicle titled USV Bundled. It’s unclear what this is focused on, but a recent blog post suggests that the firm will continue to double down on its education investments.
Speaking of edtech, Learn Capital, an education-focused venture capital fund, filed paperwork indicating that it has closed $132 million in capital. It plans to raise a total of $250 million for this fund, which will be the firm’s fourth investment vehicle to date. The edtech category has obviously been booming with interest, which also fueled Owl Ventures to close $585 million in new capital in September.
Finally, I’ll give an honorable mention to Lattice CEO Jack Altman’s New Years Eve filing, which shows that the executive plans to raise $20 million for a new fund. It’s unclear if this filing indicates Apollo’s next step, a venture fund started by the Altman brothers. The trio, beyond Jack, includes Max and Sam, the former president of Y Combinator who currently serves as the CEO of OpenAI.
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A lot of the focus in online education — and, let’s face it, education overall — has been about professional development for knowledge workers, education for K-12 and how best to deliver cost-effective, engaging higher learning to those in college and beyond. But in what might be a sign of the times, today a startup that’s focused on e-learning and the subsequent job market for a completely different end of the spectrum — home services — is announcing some funding to continue building out its business in earnest.
Nana, which runs a free academy to teach people how to fix appliances, and then gives students the option of becoming a part of its own marketplace to connect them to people needing repairs — has picked up $6 million.
The seed round is being led by Shripriya Mahesh of Spero Ventures; Next Play Ventures (ex-LinkedIn CEO Jeff Weiner’s new fund), Lachy Groom, Scott Belsky, Geoff Donaker of Burst Capital and Michael Staton of Learn Capital are among those also participating.
Nana has now raised $10.7 million, with past backers including Alpha Bridge Ventures, Bob Lee and the Uber Syndicate, an investment vehicle to back Uber alums in new ventures. Founder and CEO David Zamir is not actually an Uber alum, but one of his first employees, VP of Engineering Oliver Nicholas is an early Uber engineer and the company has also found a lot of traction of Uber drivers this year, after many found themselves out of work after the chilling effect that the pandemic had on ridesharing.
Nana — full name Nana Technologies (and not to be confused with Nana Technology, tech built for older adults) — is partly a labor/future of work play, partly an educational play, partly a tech/IoT play and partly an ecological play, in the eyes of Zamir, who himself trained as an appliance repairperson, running his own successful business in the Bay Area before pivoting it into a training platform and marketplace.
“There are 5.9 million tons of municipal solid waste [which includes lots of electronics like washing machines, blenders and everything in between] in the U.S.,” he said in an interview, “and only 50% of that is capable of getting recycled. We’re in a vicious cycle with appliances, and it’s partly because there aren’t enough people with the knowledge to repair them. But what if you had the liquidity to do that? We’re talking about creating jobs, but also saving the environment.”
Nana’s proposition starts with free lessons to fix a range of appliances — currently dishwashers, refrigerators, ovens, stoves, washers and dryers — and their typical breakdown/poor performance issues to anyone who wants to know how to repair them. These classes are available to anyone — an individual simply interested in learning how to fix a machine, but more likely someone looking to pick up a skill and then use it to make some money.
Once you take and pass a course — currently remote — you have the option (but not requirement) to register on Nana’s platform to become a repair person who picks up jobs through it to get jobs fixing that particular issue. Nana already has partnerships with major appliance and warranty companies, including GE, Miele, Samsung, Assurant, Cinch and First American Home Warranty, so this is how it gets most of its work in, but it also accepts direct requests from consumers for repair of dishwashers, refrigerators, ovens, stoves, washers and dryers.
Over time, Zamir said, the plan is not just to take in jobs and send out technicians to fix things in an Uber-style dispatch service — but to expand it to fit the kinds of next-generation appliances that are being built today, with IoT diagnostic monitoring and helping also to integrate these appliances into connected homes. It also seems to be slowly expanding into other home services too, alongside appliance repair (which remains its main business).
Nana has to date registered hundreds of technicians in 12 markets across the U.S. and said it expects to expand to 20 markets by the end of 2021.
Nana has an unlikely founder story that speaks to how so much of the tech world is still about hustle and finding opportunities in the margins.
Founder and CEO David Zamir hails from Israel, but unlike many of the transplants you may come across from there to the Bay Area tech world, he’s not a tech guy by education, training or work experience. He used to run clothing stores in Tel Aviv and vaguely liked the idea of being involved in a tech business at some point — Israel loves to call itself “startup nation,” so that bug is bound to bite even those who don’t study computer science or engineering — but he didn’t know what to do or where to begin.
“The clothing business didn’t make much money,” he said. So after a period Zamir and his American wife decided to move to the U.S. and try their luck there.
While initially based on the east coast near her family and wondering about what kind of job to pursue, Zamir spoke with a friend of his in Toronto who was working as an independent tradesperson fixing appliances, and the friend suggested this as an option, at least for a while.
“So I hopped on an airplane to shadow my friend,” he recalled. “The lightbulb went off. I thought, I should do this in San Francisco,” where he had been wanting to move to crack in to the tech world, somehow. “I thought that I’d start with fixing appliances while I figured out how to find my way into tech.”
That turned into more than a temporary income stopgap, of course. After finding that his business was taking off, Zamir saw that technology would be the avenue to growing it.
He was helped in part to build the idea and the business through his grit. Josh Elman, the famous tech investor, complained about a broken dryer back in April, and asked the Twitter hive mind whether he should get a new one or go through the pain of fixing it. Someone flagged the question to Zamir, who reached out and connected Elman with one of Nana’s online teaching technicians. Twelve hours later, Elman’s drier was diagnosed (by Elman), on its way to getting fixed, and Elman signed on as an advisor to the company.
The world of tech is all about building new things and solving problems, with “breaking” being more synonymous with disruption (= “good”) and fearlessness (see: Facebook’s old mantra to its early employees to move fast and break things). But behind that, there is an interesting disconnect between the tech version of “broken” and objects that are actually “broken” in the real world.
Many of us these days find using apps and other digital interfaces second-nature, but most of us would have no idea how to repair or work with much more basic electronic systems. And nor do most of us want to. More often than not, we give up on it, decide it’s not worth fixing and click on Amazon et al. to get a new shiny object.
Looked at on a wider scale, this is actually a big problem.
Electronics can be recycled, but in reality only about half the materials can be usefully reused. Meanwhile, Nana estimates that the appliance repair market is a $4 billion opportunity, with some 80 million appliances in need of being serviced annually in the U.S. But currently there are only some 31,000 trained technicians in the market. Nana estimates that to meet the demand of growing numbers, an additional 28,000 new technicians will be needed by 2025.
At the same time, the move to automation in many skilled labor jobs is putting people out of work: research from the Brookings Institution estimates that some 30 million people will lose their jobs in coming years because of it.
The idea here is that a platform like Nana can help some of those people retrain to fill the gap for appliance technicians, while at the same time extending the life of people’s appliances in a less painful way — putting less stuff into landfill — while at the same time expanding knowledge for anyone who cares for it.
Zamir said that Nana was named after his mother, who raised David as a single parent after his father passed away, a reference to working hard and being practical.
That sentimentality seems to motivate him in a bigger way, too: Zamir himself is a guy with a lot of heart and emotion vested into the concept of his startup. When I told him an anecdote of how our dishwasher broke down earlier this year and both a customer service rep from the maker (Siemens) and a separate repair person advised me to replace it, he got visibly agitated over our video call, as if the subject was something political or significantly more grave than a story about a dishwasher.
“I am not a supporter of what they told you,” he said in an angry voice. “It’s really upsetting me.” (I calmed him down a little, I think, when I told him that I myself uninstalled the broken dishwasher and installed the new one myself, because COVID.)
Zamir said that there are no plans to charge for its academy courses, nor to tie people into signing up with Nana to work once they take the courses. The fact that it provides a lot of inbound jobs attracts enough turnover — between 40% and 60% of those taking courses stay on to work when they took in-person classes, and for now the online figures are between 15% and 35%.
“It’s still early days,” he said, “but we’re finding the take up impressive… Most want to participate in the marketplace.” He says that there are other call-out services where they could register, but the tech that Nana has built makes its system more efficient, and that means better returns.
All of this has played well with those who have become Nana’s investors. People like Jeff Weiner — who in his time as CEO of LinkedIn led the company to acquire Lynda as part of a bigger emphasis on the importance of skills training and education — see the opportunity and need to provide an equivalent platform not just for knowledge workers but those who have more manual jobs, too.
“We are excited by Nana’s vision of providing training, access and opportunity for rewarding, satisfying work while also filling a critical gap in our economy,” said Shripriya Mahesh of Spero Ventures, in a statement. “Nana has created a new, scalable approach to giving people the agency, tools and support systems they need to build new skills and pursue fulfilling work opportunities.”
The round was oversubscribed in the end, and Nana shouldn’t find it too hard to raise again if it sticks to its plan and the market continues to grow as it has. That does not seem to be the motivation for Zamir, though.
“We just think it’s super important to build Nana for the people,” he said.
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Varsity Tutors, the learning platform founded in 2011, today announced the close of a $50 million Series C funding round led by Learn Capital. The Chan Zuckerberg Initiative and existing investor TCV also participated in the round. Varsity Tutors started as an offline service, connecting the best tutors on campus with those who needed help for IRL study sessions. Fast forward seven years and… Read More
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Education tech startup Teachable (formerly known as Fedora) has raised $4 million in a Series A round of funding according to CEO and founder Ankur Nagpal. The company provides a platform that’s like a Shopify or a SquareSpace for tutors or teachers. Its platform allows subject matter experts to quickly construct online courses and sell or give them away to their followers, setting their… Read More
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DIY Co., the education tech startup led by Vimeo designer and co-founder Zach Klein, has launched a new online learning platform for kids called JAM.com. The company also quietly closed a $4 million round of venture funding led by Learn Capital, joined by Spark Capital, at the end of 2015 to support the development of JAM, Klein told TechCrunch. Courses on DIY’s new site JAM were… Read More
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New York-based Teachable has raised $2.5 million in a seed round of venture funding to help instructors of anything set up their own branded storefronts for selling courses and connecting with learners online. The company’s technology lets instructors teach courses online in any subject without having to commit their proprietary materials and personal brands to a single platform.… Read More
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