Enterprise-grade learning & development suite
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Enterprise-grade learning & development suite

Solution

Coursy.io - is a business compliance and skills development SaaS platform.

Their customers are medium and large (500-10,000 employees) companies that operate in retail, healthcare and BFSI sectors.

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Lean canvas

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Expansion plans:

Expand to Latvia, Lithuania and Poland. Local representatives needed.

Localise inbound & outbound marketing

Add-ons / modular marketplace to be delivered.

Bottlenecks:

  • Not enough leads in Estonia to growth fast;
  • Demo → Proposal → Decision making takes a lot of time;
  • Website needs to be simplified for the customer interaction → pricing tiers on the website could be a solution;
  • No analytics implemented within the dashboard and interactive elements. Performance review part needs to be developed (hard-coded right now);
  • Demo - 1 hour - all the system. It's boring and time consuming;

Suggestions and feedback from VNTRS:

  • Share success stories and promote it. Share trendy content with Miltton PR agency;
  • Promote and make case studies aroun the following functions: online materials & examination & reports & automated planning group - list it on the website / features description on the landing page and articles. Make it clear from feature prospective;
  • Resource allocation could be a challenge. International expansion and development of the marketplace might be competing for the same resources. I guess international expansion doesn't rely on the marketplace feature and vice versa. If so it could be a "kill your darling" moment to be able to achieve the most important initiative. Since you promised it to clients I guess it's not realistic at the moment but could be good to take with you in the future. International expansion will require lots of resources.
  • Start measuring NPS for direct managers and employees. They are your largest user group and the decision makers and buyers of tomorrow. Optimize short-ter, development efforts towards this group to increase NPS. The task list is probably a step in that direction. Think about how you can promote Coursy in subtle ways to convert the group into supporters and future inbounds.
  • Measure which features are used most and get highest reactions on demos etc. and promote those.
  • Consider Hospitality vertical (food and drink service, fast-food, contract caterers etc.). I think it could be a great fit. They share a lot of the same challenges as Retail where you already have proven yourself with Coop, Selver and Maxima. You should be able to approach them without adding anything to the platform. The fact that they serve food means there are regulations in the whole world regarding competence, training and audits etc. which adds additional pain and need for Coursy. All of these companies usually have a high level manager responsible for Food Safety/Quality/Hygiene that you could target. Another good thing with this vertical is that there are a lot of large international chains in operation which means you can grow outside Estonia with them.
  • Continue using your great customer relations in your marketing. Consider being even more specific to add social proof and build trust. Like "Learning Specialist X at Maxima saves 3 days a month reducing training administration, with a quote 'It's wonderful I can finally focus on the learning and not admin.' " or something like that. Percentage like you have on the website is great but back them up with real numbers.
  • Implement client feedback loop;
  • UI / UX to be easier for new markets;
  • Great idea to allow remote trainings to other training material providers;
  • Does everyone understand that the Coursy product? Admin side? Users side?
  • Push the following messages to the website:

→ You can track the progress of the course takers under Reports tab. Quickly extract and make it accessible for management.

→ Monitor the course pass rates and adjust for the employees behavior.

→ Ask colleagues for the 360 feedback. Course gives analytics and help them to be successful.

Product

PHP and e framework, Angular.JS 1st generation, clients portal - Wordpress, learndash for online materials, customised WooCommerce.

Two environments: Admin side, User side

Very comprehensive admin dashboard with dashboards, courses (targets, versions), planning, feedback, materials, reports and forms. Localised. You can track the progress of the course takers under Reports tab. Quickly extract and make it accessible for management.

Validation

Incorporated in 08.04.2019

1st version of the coursy.io platform was developed in 2017 for an enterprise customer. The product was a success and soon other companies started to ask for it.

A Sales manager was hired to Coursy in October 2019 who started an expansion in Estonia and neighboring countries.

In June 2020 spin-off process was started, which will be finalized early February 2021. Coursy Technology OÜ currently employs 6 people.

Financials:

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Clients:

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COOP Estonia, Eve Turvas

“Coursy was the only company able to offer e-learning solution, which is easy-to-use for employees, interactive and includes automated planning functions.”

Baltic Financial Advisors Association, Ülle Mathiesen:

“Coursy’s centralized solution provided BFAA the flexibility we needed to focus on engaging processes to train professionals in critical skills and lessons needed to remain compliant.”

Other clients include: North-Tallinn Regional Hospital, East-Tallinn Regional Hospital, West-Tallinn Regional Hospital, Selver, Maxima Estonia, Elisa Eesti, Admiral Markets, Antista (Euronics), and many others.

Operations

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Stage: seed

Current investors: 16.58% shares: Ivo Remmelg who also serves as hands-on advisor having 10,60% (brother of Agu Remmelg), Menu Media 5%, convertible notes with Gorilla Capital Fund 2017 Ky, Risto Rossar (Insly) and Lauri Antalainen.

Team: Founders are Agu Remmelg 41,88% and Sven Kristjansen 10,47%. Coursy Technology owns 31,06% of its own shares.

VNTRS ask

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VNTRS is looking to co-invest with VCs from Baltics & Nordics. Please reach Akim Arhipov (Partner in VNTRS Estonia): akim.arhipov@vntrs.com Sign up for investment: www.coursy.io/invest For F2F meeting with the founding team contact Agu Remmelg: agu@coursy.io

Fundraising Summary

  • Round size: 490 kEUR, convertible loan
  • Minimum ticket 10kEur
  • Interest rate 8% per annum
  • Maturity Date 36 month as of the Signing Date
  • Discount 20%
  • Valuation cap EUR 5,000,000
  • Valuation floor EUR 3,000,000
  • Commitments in this round: 155 kEUR; 300 kEUR free in this round
  • Expected closing of the round: 1st week of May, 2021
  • Purpose of the fundraising- achieve 64 k Eur MRR including 50% export revenues and hire CTO and sales staff