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Tick-Tock

Tick-Tock

Skillshare Founder, Champion of Lean Start-Up Mantra, On Why He Needed That $3 Million

Skillshare founder Mike Karnjanaprakorn and Skillshare friend and investor Zach Klein.

New York-based peer-to-peer education start-up Skillshare, whose co-founder and CEO Mike Karnjanaprakorn recently typed up an article on how to launch a start-up for just $5,000, raised just enough money for its product team and a little wiggle room back in January. But this week the start-up announced two major feature releases and a $3.1 million funding raise from Union Square Ventures and Spark Capital. “We’re at the point where we’re not asking, ‘will this work,'” Mr. Karnjanaprakorn said. “But, ‘how can we grow this.'”

When the Skillshare team realized they had a winning formula–a platform where anyone with a skill to share can propose to teach a class which then becomes available when a minimum number of students sign up–and when they noticed competitors starting to move in, they decided it was time to staff up and start grabbing land. Zach Klein, a longtime adviser and current officemate, “basically led our round” the first time, Mr. Karnjanaprakorn said, but the CEO stuck with investors he knew: Union Square Ventures’s Albert Wenger and Spark Capital’s Mo Koyfman, which is how Skillshare was able to close its round fairly quickly. Read More