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Hi Phil,
Hope you’re doing well. I just wanted to send an update on the progress we’ve made since Demo Day. Last month, we started generating revenue by launching a textbook price comparison feature at one of our schools. This feature allowed students to compare the prices of their textbooks between the student bookstore and Amazon, and when students bought books via Amazon, we received 7.5% of the sale.
Moreover, as students headed back to school in August, our user growth picked up significantly for our new notification feature (which texts students when a class they’re interested in has an available seat). We had consistent 50% week over week user growth during the first few weeks of school for this feature, which we expect to continue from November through January, once students are registering for classes again.
At the moment, we’re focusing on preparing to capture as many users as possible from the shutdown of our largest competitor (MyEdu). Their acquirer, Blackboard, is shutting them down at the end of this month.
After a lot of thought, we’ve decided we’re not going to do a raise in the near future. We’ll still be sure to keep you up-to-date on our progress, though. If you have any questions or want to hop on a call, let us know.
Best,
Joe