<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.



- **[Executive Summary](<https://www.notion.so/On-Deck-Series-A-Investor-Memorandum-Feb-21-66274207f88f4740bdc35303c03e99b4>)**
- **[The On Deck Journey** || Where we came from](<https://www.notion.so/On-Deck-Series-A-Investor-Memorandum-Feb-21-66274207f88f4740bdc35303c03e99b4>)
- **[The On Deck Flywheels** || Our strategy and approach](<https://www.notion.so/On-Deck-Series-A-Investor-Memorandum-Feb-21-66274207f88f4740bdc35303c03e99b4>)
- [The On Deck Product || Come for the community, stay for the "Market Network"](<https://www.notion.so/On-Deck-Series-A-Investor-Memorandum-Feb-21-66274207f88f4740bdc35303c03e99b4>)
- **[The Macro Backdrop ||** why now?](<https://www.notion.so/On-Deck-Series-A-Investor-Memorandum-Feb-21-66274207f88f4740bdc35303c03e99b4>)
- **[Team** || Who we are](<https://www.notion.so/On-Deck-Series-A-Investor-Memorandum-Feb-21-66274207f88f4740bdc35303c03e99b4>)
- **[Appendices** || Additional Resources](<https://www.notion.so/On-Deck-Series-A-Investor-Memorandum-Feb-21-66274207f88f4740bdc35303c03e99b4>)


# Executive Summary

> *In short, On Deck is "Stanford for the internet."*

A university is far more than its curricula. People discover what and whom they love, develop the skills and EQ to build a career, and make the most meaningful professional and personal relationships of their lives.

**Why does that stop at the arbitrary age of twenty-two?**

On Deck is building a "*modern education institution*" where top technology talent and ambitious builders go to start or join a company, develop new skills, build relationships and ****accelerate through the "step functions" of their careers — a campus for lifelong learning.

Specifically, we are building two things: 

- a new approach to **continuous online education:** delivered through synchronous 'cohorts' of 100 - 200 individuals, with an emphasis on peer-to-peer learning. In 2021, we will launch up to 120 of these cohorts across ~30 subsets, driving substantial upfront cash flow.
- a **private,** **professional social network and platform.** Serving as the "campus" to our "college," the On Deck product is a “[*market network*](<https://twitter.com/beondeck/status/1345914642015506432>)**”** facilitating matching between talent and opportunity, knowledge, and more. Think: private LinkedIn/AngelList meets Quora — with potential to be as impactful as any of them.

> *What Twitter did for media, On Deck will do for online education**.***

When thinking about the future, it's easy to extrapolate existing business models onto new technologies, but very hard to predict *emergent* behavior.

When the internet first came along, we created PDFs of newspapers online and said, "*This will change everything!*"

But it didn't. That was *Twitter —* the **experimentations of an online community led to the emergence of a new peer-to-peer medium, native to the internet.

Similarly, the first generation of "ed-tech" (MOOCs, etc) failed to live up to the hype. Learning from their shortcomings, On Deck "*re-bundles*" community with curriculum. We build the tools and culture that makes peer-to-peer education rewarding and personal. 

What emerged is a place for *continuing education* and *socialization* for every curious human with an IP address. Stanford University, native to the internet.

## ***Here are four key ideas we hope you take from this memo:***

## 1️⃣  **On Deck is already a substantial business, and is on track to 10x (again) in the next 2-3 years.**

- On Deck existed as a vibrant, volunteer-run community for three years *before* becoming a business. This "accrued goodwill" establishes both an authentic foundation for our community [values](<https://twitter.com/beondeck/status/1347557861392412674>) and a substantial headstart over would-be competitors.
- On Deck has developed meaningful pricing power. Proudly more expensive than alternatives, yet customers [regularly recommend](<https://twitter.com/david__booth/status/1312819051979182080>) we charge more, and publicly call for annual plans and subscriptions.