Edtech startup Rayku has been selected to join our accelerator program.
Founded by Donny Ouyang, Rayku is an online math tutoring platform that guarantees to improve a child’s math grade. Students using the platform pay a monthly subscription fee to have a tailored course built for them, and receive scheduled live online tutoring each week.
In North America, the high school math tutoring market is a $1.5b industry, growing to $3.5b by 2017. With performance in mathematics continuing to decline, more and more students are turning to tutors to get the results they need. Private tutoring is an attractive solution, but the high cost of private sessions coupled with a lack of quality tutors makes this option inaccessible to many families.
For students who need to improve their math grade, Rayku Online Tutoring delivers better academic results, at a lower price point, with the convenience of online.
Donny Ouyang, Founder & President, Rayku
Donny Ouyang started Rayku in response to his own struggles with homework and a failure to find an online solution that worked. The startup received initial funding in November 2012 and went through the Launchpad Ignition accelerator prior to joining The Working Group’s accelerator program.
Prior to founding Rayku, Donny was the founder of Kinkarso Tech, an award-winning Internet consulting company. A committed entrepreneur, Donny has spoken at M.I.T. on the subject, was named a ‘Top 10 Under 20’ by Vancouver Magazine, and was the global recipient of the 2010 Student Entrepreneur of the Year award.
Partnering with The Working Group
Rayku began life with a business model around live, on-demand, online tutoring. While they were able to get initial traction, they were not able to prove product-market fit. Pivoting to focus on a combination of pre-created lesson plans and scheduled online content, the team were able to quickly validate the business metrics surrounding the new model using a bootstrap version of the new platform.
As a participant in TWG’s acceleration program Donny will be spending the next 60 days working out of The Working Group’s Toronto studio alongside our team of product strategists, designers and developers. Together, we’ll be tackling Rayku’s scaling challenges and preparing the startup for Series A. Our goal is to create an automated onboarding process that will bring management support of onboarding each new student to zero.
About TWG Acceleration Partners
Rayku is the eighth startup to join our accelerator program. Notable alumni include Greengage Mobile (recently secured Series A), Shoplocket (acquired by PCH), and Pilot (acquired by Shopify).
We partner with startups from the early seed to series A stage, investing in them through strategy, design and software development. Driven, committed teams are invited to apply for consideration by contacting Dominic Bortolussi at firstname.lastname@example.org
Photos by @mud