Nigerian edtech startup Klas has secured $1 million in pre-seed funding, with Ingressive Capital leading the round and participation from Techstars, HoaQ, and various angel investors. Founded in 2022 by Nathan Nwachuku and Lekan Adejumo, Klas provides a platform for users to create and sell e-books, courses, and live classes.
The platform encompasses essential class components like scheduling, payments, community features, analytics, and video conferencing, catering to a wide array of subjects ranging from coding and design to finance, art, and languages.
Nwachuku, the co-founder and CEO, likened Klas to Shopify in its approach. Just as Shopify enables users to set up online stores and sell anything, Klas aims to empower its users to establish online schools and conduct classes seamlessly.
Nwachuku’s journey to founding Klas began at 18, following an accident that resulted in a six-month hiatus from school due to losing an eye. With a passion for physics and a desire to remain engaged during his recovery, he contemplated starting an online physics class to teach and earn money. Encountering complexities with existing platforms sparked the idea for a simplified solution, laying the groundwork for Klas.
After declining a scholarship to Canada and opting out of college, Nwachuku committed to building Klas full-time. He found his co-founder and CTO, Adejumo, in 2021, raised an angel round of $180,000, and launched the platform before joining Techstars the following year. Notable investors in the initial round included founders of Nigerian tech startups like Odun Eweniyi from PiggyVest and Tola Adesanmi from Spleet.
Identifying a gap in the market, Nwachuku observed that incumbent platforms like Kajabi and Thinkific could overwhelm first-time users due to the complexity of their products. Klas leverages its late mover advantage by offering a simplified toolset and user-friendly experience, enabling beginners to effortlessly host engaging online classes. This approach aligns with the growing global demand for online education platforms that can effectively train the future workforce.
Nwachuku emphasized Klas’s focus on a closed ecosystem, distinguishing it from larger companies offering integration toolkits. Unlike competitors, Klas’s virtual classroom, called KlasLife, was built entirely in-house, avoiding reliance on external video APIs and featuring a unique video architecture crafted from scratch.
Klas founders. L-R: Nathan Nwachuku and Lekan Adejumo. Image Credits: Klas
Currently, Klas boasts a user base of over 5,000 online schools (creators) who have collectively earned “hundreds of thousands of dollars” on the platform, as per Nwachuku’s statement. The platform serves 300,000 learners across more than 30 countries, placing it among a select group of African startups catering to a global audience. However, the majority of its users are based in Nigeria. Klas presently facilitates transactions in naira for Nigerian users and dollars for those outside Nigeria. However, the edtech startup aims to expand its international presence, with a particular focus on India, its second-largest market, and North America, where the incumbent players in the industry have the majority of their customer base. This strategic move aligns with the startup’s goal to address concerns related to currency devaluation, and it includes plans to enhance user experiences through localized currency options in various countries.
Klas aims to empower up to 100,000 online schools globally by 2027. Currently, it offers a free plan with a 5% transaction fee. Positioned as a cost-effective alternative to platforms like Kajabi and Thinkific, which offer plans ranging from $49 to $399, Klas may introduce a more expensive enterprise product in the coming months, targeting large companies for employee upskilling, priced at $199 per month.
Sunil Sharma, Managing Director of Techstars Toronto, expressed confidence in Klas, citing the exceptional abilities of co-founders Nathan and Lekan and the vision they have set for the company. He highlighted the rewarding experience of investing in Klas at its earliest stage and emphasized Techstars’ commitment to supporting exceptional opportunities like Klas with follow-on investments.