<aside> <img src="https://s3-us-west-2.amazonaws.com/secure.notion-static.com/515d64da-4e76-4db9-a130-580ac2144904/On_Deck_logo_Smaller.png" alt="https://s3-us-west-2.amazonaws.com/secure.notion-static.com/515d64da-4e76-4db9-a130-580ac2144904/On_Deck_logo_Smaller.png" width="40px" /> On Deck is on a mission to build a modern education institution for the future of work.
Today, On Deck has become the place top talent and ambitious builders go to accelerate their ideas and careers, empowered by a world-class community of their peers.
An education business with software margins: On Deck turned a $763k net profit on $2.71M revenue[1] in 2020, and enters 2021 on a ~$20M run rate. Our defensible advantage and pricing power draw from unprecedented customer love and advocacy, low cost to acquire and serve customers, and the unique interaction of our various community "flywheels" — explored in detail below.
After a positive response from the market in Jan, we entered February with term sheets from two of the world's top four VC firms, each at a $250M post-money valuation. After a rollercoaster ride detailed in full [below](<https://www.notion.so/On-Deck-Series-A-Investor-Memorandum-Feb-21-66274207f88f4740bdc35303c03e99b4>), our current status is:
👉 we have limited this raise to $20M. We are profitable and already moving at breakneck speed, additional capital doesn't equal additional growth.
👉 The round is led by **Founders Fund**, with participation from Learn Capital, NFX, Slack Fund, Elad Gil, Avichal Garg, Allison Pickens, Julia DeWahl, Nadia Eghbal, JD Ross, Matt Huang, Ryan Caldbeck, Jack Altman, Sahil Lavingia, Scott Belsky, Eric Wu, John Kobbs, Ryan Petersen, Fred Ehrsam, Anthony Pompliano (Pomp), Adam D'Angelo, Sriram Krishnan, Gokul Rajaram and many more.
👉 We have reserved a small allocation for members of the On Deck community, and are raising an additional ~$2M from individual operators that have founding, VP or C-level operating experience at category-leading companies, and want to be part of defining and sharing the frontier of the education industry.
👉 We are targeting $25k to $50K checks. If you'd like to do more, let David know and we will circle back once we have a better sense of allocations.
— David, Erik, and the On Deck team.
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# **The On Deck Journey** || Where we came from
[[back to top]](<https://www.notion.so/On-Deck-Series-A-Investor-Memorandum-Feb-21-66274207f88f4740bdc35303c03e99b4>)
# **The On Deck Flywheels || Our strategy & approach**
Coming into 2021, we are entering what will be one of the ***craziest*** periods in On Deck history.
We are currently scheduled to kick off no fewer than *fourteen* new programs in Q1, with an ambitious target of **launching 100+ cohorts across 25 programs in 2021.**
With such an aggressive pace, It's reasonable to ask: *what's the play here? Why so many?*
### The *Internal* On Deck flywheels — *compounding loops*