TeachStreet, a Seattle-based online community for helping match students with local teachers, has raised $2.25 million in Series A funding. Madrona Venture Group led the round, and was joined by Bezos Expeditions and several local angels.
TeachStreet, a new company dedicated to helping students find great local teachers, today announced that it has closed a $2.25 million Series A round of venture financing. The round was led by Madrona Venture Group, with participation by Bezos Expeditions and several strategic Seattle angel investors, including current and former Amazon.com executives Jeff Blackburn, Michael George, Jason Kilar (currently CEO at Hulu.com), Kim Rachmeler, and Joel Spiegel; former CEO of Expedia, Erik Blachford; founder of ProgrammableWeb, John Musser; and former RealNetworks' executive and current co-founder of Athena IQ, Dave Richards.
TeachStreet was founded by Dave Schappell, a former Director of Product Development at Amazon.com who most recently served as Vice President of Marketing at JibJab, the viral digital media studio. Proceeds from this first round of funding will be used to launch the company's service in new markets, enhance product development, support sales and marketing initiatives, and attract new talent. Unveiled today in the
We believe that having such a strong group of investors from the very start significantly improves our chances of realizing our goals.
“TeachStreet has quickly evolved from an idea on a white board to a company and a product that delivers great value to teachers and students,” said Scott Jacobson, a Principal with Madrona Venture Group, a leading investor in early-stage technology companies in the
In conjunction with closing its first round of funding, TeachStreet added two high technology business veterans to its Board of Directors, including Scott Jacobson and Dave McClure, a
“Bezos Expeditions is particularly interested in investing in marketplace-oriented communities that bring together distinct audiences in a fun and engaging manner,” said Melinda Lewison, a Senior Investment Associate with Bezos Expeditions, a personal investment company of Jeff Bezos. “This is a hugely underserved market at present, and we think the application of Web 2.0 technologies to a hypertargeted audience of teachers and local experts, who have traditionally relied on coffeehouse posters and Craigslist postings, presents a significant opportunity to build a high-growth online-to-offline community-based business model.”
“TeachStreet was created to address the huge gap that currently exists in the market for students and teachers to not only find one another but also increase the likelihood that they're a perfect fit,” said Dave Schappell, founder and CEO of TeachStreet. “We believe that having such a strong group of investors from the very start significantly improves our chances of realizing our goals.”
About Madrona Venture Group
Madrona has been investing in early-stage technology companies in the
Founded in June 2007, TeachStreet is dedicated to helping students find great local teachers, and empowering teachers with robust online tools to manage their teaching business. The free site provides the information that students need to make a good decision about their learning experiences, including student reviews and teacher recommendations, pricing information, location, teacher background and training, and more. TeachStreet is headquartered in