Sramana Mitra: What about Indian companies? There are a whole bunch of players that are doing really well like CueMath. Felix Ohswald: Two markets that have always been quite advanced when it comes to education businesses are India and China. China had some regulation changes last year that made it difficult for these businesses to
Sramana Mitra: It was just the two of you at this point. Matt Ramme: Yes. In March of 2009, we made this our full-time job and got paid by the company. Sramana Mitra: Tell me about the monetization. Were you using an ad network to monetize? Matt Ramme: Originally, it was AdSense. We’ve used a
Sramana Mitra: For those three years, you ran this site of letting students ask questions and answering those questions? Felix Ohswald: Yes. Sramana Mitra: Was there financing involved? Felix Ohswald: Yes, we raised about €3 million. Sramana Mitra: From whom?
Matt Ramme: Another big interest was puzzles and watching Jeopardy. I’ve always been a fan of that. As I got into that, my wife and I would play a lot of crosswords. What I kept finding is that the more I do it, the more I realize there’s a certain subset of trivia data that,
This is a terrific story of a European EdTech venture that has raised $600 million and is scaling extremely well after three years of not finding a monetization model. Sramana Mitra: Let’s start at the beginning of your journey. Where are you from? Where were you born, raised, and in what kind of background?
Sramana Mitra: What was the thesis of Sporcle? Matt Ramme: I didn’t know. I had an idea to build a website. I didn’t know what it was going to be. I liked the creation of websites. If you’re familiar with the March Madness Bracket for collegiate basketball where millions of people do it every year.
Sramana Mitra: I’m more curious about financial engineering. You have Y Combinator which takes certain equity and gives you a certain amount of cash. After YC, you said you raised a seed round. Then you raised seed extension. As what? Safes, convertible notes, equity financing? Carl Memnon: We raised primarily on YC safes. Sramana Mitra:
Developers interested in bootstrapping ad-supported B-to-C startups would find this discussion valuable. Sramana Mitra: Let’s start at the very beginning of your journey. Where are you from? Where were you born, and raised, and in what kind of background? Matt Ramme: I grew up in western New York. I went to college at Carnegie Mellon