This London tech startup raised almost £1M to launch university for passion economy
A new London startup, Dorm, has raised $1million (around £750K) to create an education platform for influencers, entrepreneurs and creators in the passion economy, an industry that reportedly stood at $38bn (£28.5bn approx) in 2019.
Launching on December 2, 2020, the platform will use 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.
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.
Founded by former Sweatcoin chief growth officer Ranbir Arora and chief operating officer Taras Polischuk, the young duo are backed by some of Europe’s and Silicon Valley’s top venture funds, including Plug & Play Ventures, Playfair Capital, and RLC Ventures.
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 fulfill 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.”
Reece Chowdhry of RLC Ventures, who led Dorm’s funding round 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 (Android version coming soon).
— Press release