Announcing our Investment in Dorm
We first met Taras and Ranbir at the start of Lockdown 1, when we received an inbound email from them notifying us of their upcoming funding round. We were soon impressed by their tenacity, as well as the time they spent at Sweatcoin where they helped grow users to over 40 million and revenues to $3m+/yr.
Taras and Ranbir have since launched Dorm, a business building a new education system for the passion economy. The Passion Economy is defined broadly as a new format of monetising audiences - where individuals can earn a living through self-expression and individual creativity (think Twitch Streamers, TikTok(ers?), Youtubers, Bloggers etc.)
Launching in December 2020, the platform currently uses podcasts and content from the world’s leading entrepreneurs, YouTubers & Venture Capitalists to guide students on how to launch their own careers in these fields; featuring guests such as the founders of Snapchat, top music labels and leading YouTube channels.
After spending some time with the founders(virtually) and learning about their vision - we built the conviction to co-lead this $1m round alongside our friends at Playfair Capital. Also participating was Plug & Play Ventures, Social Starts and Flint Capital, as well as some brilliant Angels either side of the Atlantic.
Dorm is also set to roll out a premium offering early next year that allows these teachers to create their own schools, as the company looks to create the first university for the passion economy.
Taras Polischuk, Dorm co-founder, said:
“As online channels present real earning opportunities, we move into an era where the vast proportion of us undertake jobs to fulfil our creative passions. The rise of platforms like Twitch, YouTube and Instagram have already started enabling these roles, but this is just the beginning. As these careers grow, we must create an education system that supports them. Traditional higher education is struggling to adapt and we believe the best way to learn is directly from the practitioners.”
RLC's Founding Partner Reece Chowdhry said:
“We were greatly impressed by Dorm’s proposition and their vision to challenge the order of education in a unique and topical way. We believe this company is building the infrastructure that enables careers in the passion economy – something we see as a mainstream narrative for the coming generation.”
The Dorm app is available for installs in the UK and USA from December 2 on the iOS AppStore. Check them out here: https://joindorm.com/
RLC Ventures is an Appointed Representative of FCA-authorised ‘Principal firm’ SFC Capital Partners Ltd (FRN:736284). EIS/SEIS investments should be treated as higher risk/speculative and place capital at risk. Past performance is not indicative of future performance and tax reliefs depend on individual circumstances and are subject to change. The products and/or services mentioned are only available to professional investors.