Incubio backed startup Sharing Academy raises a seed round
Sharing Academy is a platform that brings together students from the same university to receive classes from other students who have already passed that subject. The student teacher defines the price and the marketplace is responsible for finding and placing students. Also the platform includes a reputation system that provides confidence to both parties.
This collaborative application is defined as a platform where universities can give private lessons more efficiently to peers and help them pass their most difficult subjects. These students see how make money giving classes, offering in return their talent, all while bonds of trust are created between the university community.
Last two years the focus was building community and validating its technology and business model. In doing so, it presented some interesting figures: 8,000 registered users in 53 universities, 1,700 tutors, 10,000 courses available and 2,000 unique interactions. Although the most interesting are the large figures that show the target market. Over 1.3 million Spanish students were enrolled in whole careers and courses during 2015-16, according to the Ministry of Education and Science.
Given that 1 in 5 students receive tutoring and has an average cost of 700 € per year, it is clear that Sharing Academy has not yet reached its full potential. Of course the internationalization of the platform is on the table, and hence, Sharing academy is about to close a round of funding that allows them to gain foothold in Spain and expand to other countries.
Sharing Academy is an alumni of Síty, a Corporate Venturing Incubator that was also created by Incubio for the Suez group. Sity was created as a pilot incubator that modeled employees providing classes to other employees, allowing Sity to push Suez’ corporate innovation.
With a pre-money valuation of 600,000€, Sharing Academy will close a financial round this year with a total amount of 240,000€ divided into two stages. Private investors networks are co-investing with a network of smaller investors and a lead investor. The first stage, which closes on January 31 has already committed almost 60% of the round size that will allow Sharing Academy to reach 2,500 contacts and 1,250 transactions. In this round, in addition to the named investors, other Business Angels have an open opportunity to invest with convertible notes from tickets of just 3,000€.
The use of the funds will be marketing, staffing and human resources (already have 5 people in the project), management and maintenance of the platform.
Sharing Academy’s business model in terms of the marketplace among university students is simple. It will charge €10 per contact and 17% of each transaction done. Moreover, Sharing Academy provide SaaS solutions to corporations that need their own mentoring platform.