Class101 Secures $26M Series B Funding to Expand Online Learning

The Shift to Online Learning and CLASS101's Growth

A significant transition from offline to online activities, accelerated by recent global events, has profoundly impacted the creative economy. Creative professionals are increasingly seeking avenues to generate income from their skills and expertise through online educational platforms.

Platforms such as CLASS101 are facilitating this shift, providing stable revenue streams and expanded opportunities for creators.

CLASS101 Secures $25.8 Million in Series B Funding

CLASS101, an online education platform headquartered in Seoul, has announced the successful completion of a $25.8 million (30 billion won) Series B funding round.

This investment will be used to bolster the company’s expansion efforts in key markets including South Korea, the United States, and Japan.

Investment Details

Goodwater Capital led the Series B round, with participation from existing investors.

These include Strong Ventures, KT Investment, Mirae Asset Capital, and Klim Ventures.

Previously, in 2019, CLASS101 secured $10.3 million (12 billion won) in a Series A round.

This earlier funding was spearheaded by SoftBank Ventures Asia, alongside Mirae Asset Venture Investment, KT Investment, Strong Ventures, and SpringCamp.

Future Plans and Expansion

According to Monde Ko, co-founder and CEO of CLASS101, the newly acquired funds will be strategically allocated to talent acquisition.

Furthermore, the company intends to strengthen its presence in both domestic and international markets, specifically the U.S. and Japan.

CLASS101 was initially founded in 2015 as a tutoring service before undergoing a pivotal shift in 2018.

Currently, the company employs 350 individuals.

Empowering Creators and Diversifying Revenue

Ko emphasized the company’s commitment to supporting creators in monetizing their abilities.

CLASS101 also plans to enable creators to diversify their income by offering and selling goods, digital assets, and other products directly through the platform.

Differentiating Factors: The "Class Kit"

A key differentiator for CLASS101 is its provision of comprehensive “Class Kits”.

These kits include all the necessary tools and materials required for students to fully participate in the courses.

Course Offerings and User Base

The platform currently boasts a catalog of over 2,000 classes spanning diverse categories.

These include drawing, crafts, photography, cooking, music, and more.

As of August 2021, CLASS101 offers approximately 230 classes in the U.S. and 220 in Japan.

The platform has registered around 100,000 creators and 3 million users.

Market Entry and New Initiatives

CLASS101 launched its U.S. platform in 2019 and expanded into the Japanese market in the following year.

In 2020, the company introduced online classes specifically designed for children under the age of 14.

Industry Perspective

Eric Kim, co-founder and managing partner at Goodwater Capital, describes CLASS101 as a unique combination of Patreon and YouTube.

He highlights the platform’s tailored support for creators and its ability to meet the learning needs of users.

Kim also notes that CLASS101 is experiencing rapid growth within a broader economic trend where individuals are pursuing their passions and earning a livelihood from them.