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Coursalytics

Global marketplace for executive education

Coursalytics is offering securities under both Regulation D and Regulation CF through SI Securities, LLC ("SI Securities"). SI Securities is an affiliate of SeedInvest Technology, LLC, a registered broker-dealer, and member FINRA/SIPC. SI Securities will receive cash compensation equal to 7.50% of the value of the securities sold and equity compensation equal to 5.00% of the number of securities sold. Investments made under both Regulation D and Regulation CF involve a high degree of risk and those investors who cannot afford to lose their entire investment should not invest. Furthermore, the contents of the Highlights, Term Sheet sections have been prepared by SI Securities and shall be deemed broker-dealer communications subject to FINRA Rule 2210 (the “Excluded Sections”). With the exception of the Excluded Sections noted above, this profile contains offering materials prepared solely by Coursalytics without the assistance of SI Securities, and not subject to FINRA Rule 2210 (the “Issuer Profile”). The Issuer Profile may contain forward-looking statements and information relating to, among other things, the company, its business plan and strategy, and its industry. Investors should review the risks and disclosures in the offering's draft. The contents of this profile are meant to be a summary of the information found in the company’s Form C. Before making an investment decision, investors should review the company’s Form C for a complete description of its business and offering information, a copy of which may be found both here and below.


Company Highlights

  • Company earned more than $230K in 2017 and more than $610K in 2018, representing 150%+ increase in gross sales (unaudited)
  • Became a LAUNCH portfolio company after graduating from Jason Calacanis’ LAUNCH Accelerator in 2018
  • Inventory of over 9,000 unique courses from over 400 providers
  • Over 7,500 reviews collected for Executive Education classes to date
  • Founders are experienced in online education, people analytics, and education technology

Fundraise Highlights

  • Total Amount Raised: US $397,488
  • Total Round Size: US $600,000
  • Raise Description:  Seed
  • Minimum Investment:  US $1,000 per investor
  • Security Type:  Crowd Note
  • Valuation Cap:  US $2,500,000
  • Offering Type:   Side by Side Offering

Coursalytics is an online marketplace for executive education that makes it easier for corporate learning officers and executives to find, compare, and book thousands of open enrollment programs globally.


We are looking to solve the market inefficiency problem in the executive education space, which can result in wasted time, money, and opportunity costs for corporations, individuals, and education providers. Fifty percent of executives believe that development programs in which they participate are not relevant to their business. Further, even top education providers only sell 50-75% of their seats.  Finding the right program takes time and corporate learning officers may not be able to help executives with that.  Our mission is to make the executive education industry simpler and more transparent. 

Our solution is a marketplace that aims to serve as a one-stop shop for corporations and executives to find, compare, and book executive-level programs all in one place. We currently provide a comprehensive and up-to-date search engine for these programs, which we plan to enhance with the addition of past participant reviews  and learning needs analysis tools, to better help executives select programs based on their unique needs. As we grow, we will commission our own courses based on demand analytics.

We started selling in 2017 and finished the year with over $232k in gross revenue. We grew our gross revenue to $612k in 2018. We started collecting independent reviews from past course participants in the Fall of 2018 and have collected over 7,500 reviews, which we believe could be one of the larger databases of unbiased reviews in the executive education industry. We've reached out to dozens of executive education providers and have established relationships (e.g. commission agreements), including one with a leading multi-provider platform of online executive education programs. 

Product & Service

Product

Our main product is a course booking platform with thousands of short, executive-level courses from top providers worldwide (in-person and online). The platform includes search, comparison, and booking features which allow users to find course based on multiple criteria (dates, distance from locations, topics, and prices etc.). Users can get details on the courses, including faculty bios, brochures, videos, and similar courses, as well as book these courses on the platform. In the future, as mentioned, we also intend to make user reviews available on the platform.

The platform includes a robust content management system ("CMS") on the backend, which allows for maintaining up-to-date information on courses and faculty, as well as collecting past participant data and reviews. Our CMS allowed us to collect over 7,500 reviews from past participants that we have not published yet, but plan to once we complete the raise.  Unlike marketing-crafted copy of course descriptions, those reviews will provide course takers an additional level of information to help them decide on which course to take. Examples* range from complete satisfaction to the deepest levels of disappointment:

  1. "It gave me a very good refresher on strategy and a lot of soft skills. The coaching was great and gave me a path to getting promoted to CFO"

  2. "As an experienced senior executive I understood ‘how and what’ of the business, the course helped me understand the ‘why’"

  3. "It was the worst course I have ever taken...nothing about new organization models...a waste of time"

*The reviews above have been lightly adapted for improved readability. These reviewers were not compensated in exchange for their testimonials and their testimonials should not be construed as and/or considered investment advice.

Business Model

Coursalytics is an open course marketplace with some ancillary revenue streams and opportunities. We charge commission on courses and faculty booked. We collect payments from participants or organizations, retain a commission (10-20%), and remit the remaining portion to providers. We also experiment with charging customers additional fees on top of the commission from education providers for additional value-added services. That increases our margins and allows us to turn a profit on courses even when we do not have an established relationship with a provider. We leverage our data to provide custom analytics to providers. Our mid-term goal is to accumulate enough demand-side data and marketing analytics capabilities to commission and market courses from providers (rather than sell existing inventory) -- this could ideally triple our margins in the future (from 10-15% to 30-45%).

Competitive Advantages 

  • In-house tool to maintain a comprehensive/accurate database that includes natural language processing and indexing algorithms to tag courses and faculty
  • Unique database with hard-to-replicate historic data on programs/faculty
  • A large repository of unbiased past participant reviews with demographic data
  • Relationships/experience with key stakeholders: business schools, corporate learning executives, etc.

Media Mentions

Team Story

Coursalytics was founded by Alex Dolinskiy and Ilya Breyman. We started working together on various research, HR consulting, and education projects in 2009. In 2015, we designed a large-scale executive education program and launch a MOOC (massive open online course) on Coursera.  When analyzing various existing courses for executives, we saw how inconvenient, fragmented, and not transparent this market could be. We learned firsthand that MOOCs, although easy to find and access, often do not provide the same level of engagement and learning quality as executive training does.  That was when we decided to launch an unbiased booking platform that would allow customers to identify, compare, and book various lifelong-learning options for senior managers, executives, and entrepreneurs. 

Founders and Officers

Alex Dolinskiy

Cofounder and Head of Sales / Analytics

Alex is the Head of Sales and University Relations of Coursalytics.  Alex has studied, conducted academic research, and worked at seven different universities in the U.S. and Europe. 

Alex Dolinskiy

Cofounder and Head of Sales / Analytics

Alex is the Head of Sales and University Relations of Coursalytics.  Alex has studied, conducted academic research, and worked at seven different universities in the U.S. and Europe. 

Ilya Breyman

Cofounder and CEO

Ilya is the CEO of Coursalytics. Prior to starting Coursalytics, Ilya was a partner at Capstone Connections where he consulted on public and corporate diplomacy, regulatory affairs, and emerging markets. He also founded one of the first corporate VCs that focused on HRTech and EdTech. Ilya has a Masters in Education Entrepreneurship from the University of Pennsylvania. 

Ilya Breyman

Cofounder and CEO

Ilya is the CEO of Coursalytics. Prior to starting Coursalytics, Ilya was a partner at Capstone Connections where he consulted on public and corporate diplomacy, regulatory affairs, and emerging markets. He also founded one of the first corporate VCs that focused on HRTech and EdTech. Ilya has a Masters in Education Entrepreneurship from the University of Pennsylvania. 

Notable Advisors & Investors

Jason Calacanis

Investor, Launch Incubator

David Sanghera

Advisor, Consultant, Growth Marketing

Rich Kochman

Advisor, ex-SVP, 2U and General Assembly

Serguei Netessine

Advisor, Vice-Dean, The Wharton School

Ruben Vardanyan

Q&A with the Founder

  • Please detail how you view and service each side of your marketplace.

    Coursalytics aims to help executive education providers sell unused seats in their classes (both online and in-person). Customers benefit from seamless and comprehensive course selection and application process with Coursalytics serving both as an unbiased advisor with unique information at hand and a booking agent. Corporate customers benefit additionally from having a one-stop-shop eliminating procurement hurdles.

  • Who do you view as your closest competitors and what key factors do you think differentiates Coursalytics?


    Executive education aggregators, e.g. Economist ExecEd platform

    • Differentiators: Economist is ad-driven, which means its revenues may be limited to advertising budgets and not total executive education spend; its lead generation business model does not serve corporate and individual clients as well by feeding them advertised courses vs. what they really need; no reviews

    General interest course marketplaces and local/regional course marketplaces, e.g. CourseHorse and FindCourses

    • Differentiators: executive education is a global/regional play and very different in structure, marketing, and decision-making process from general interest and mass-market training courses. We believe hyperlocal and regional marketplaces cannot operate a comprehensive global database of executive education programs as well.

    Online platforms (MOOCs and Online delivery platforms)

    • MOOCs (including EdX, Coursera, Lynda etc.), even though they make forays into corporate learning, cannot really substitute for executive education, which by definition is much more high-touch than MOOCs can provide. From our research, they often serve as precursors to online and in-person executive education.
    • Online delivery platforms (GetSmarter, ExecOnline, Emeritus, Bisk) help executive education providers turn their face-to-face programs into online offering, but almost 90% of executive education revenues still come from face-to-face or blended programs. For us, these organizations are providers supplying content and thus are complementary.
  • Please outline your customer acquisition strategy.

    We need to ensure that customers are a) aware of our service b) trust us and c) have a buying intent. We use various marketing outreach efforts to make sure of (a) and (b) and then we use email marketing, content marketing, and social media retargeting to stay top-of-mind for marketing qualified leads when they have buying intent. Right now, direct sales, content marketing, and SEO are our main customer acquisition channels. Our strategy is to boost growth by investing in further SEO, search engine marketing, and social media marketing.

  • Why go through you and not through the universities directly?

    • When the corporation pays for these programs, it is easier for them to have a one-stop-shop for payment, rather than having multiple universities for multiple amounts.
    • When you go directly to the university, you don’t get the benefit of unbiased advice. Even if they are honest about your learning needs, they are unlikely to recommend competitors’ programs. People trust our advice because they have all the courses, not just 1-2 course per topic. We are able to recommend the right courses, rather than just courses.
    • If you go to the university, you have to apply to executive education. This could take a large amount of time.
  • The Q&A with the Founder is based on due diligence activities conducted by SI Securities, LLC. The verbal and/or written responses transcribed above may have been modified to address grammatical, typographical, or factual errors, or by special request of the company to protect confidential information.

    Term Sheet

    A Side by Side offering refers to a deal that is raising capital under two offering types. If you plan on investing less than US $20,000.00, you will automatically invest under the Regulation CF offering type. If you invest more than US $20,000.00, you must be an accredited investor and invest under the Regulation D offering type.

    Fundraising Description

  • Round type:
    Seed

  • Round size:
    US $600,000

  • Raised to date:
    US $397,488
    US $77,488 (under Reg CF only)

  • Minimum investment:
    US $1,000

  • Target Minimum:
    US $300,000
  • Key Terms

  • Security Type:
    Crowd Note

  • Conversion discount:
    20.0%

  • Valuation Cap:
    US $2,500,000

  • Interest rate:
    5.0%

  • Note term:
    24 months
  • Additional Terms

  • Custody of Shares

    Investors who invest $50,000 or less will have their securities held in trust with a Custodian that will serve as a single shareholder of record. These investors will be subject to the Custodian’s Account Agreement, including the electronic delivery of all required information. 


  • Investment Proxy Agreement

    All non-Major Purchasers will be subject to an Investment Proxy Agreement (“IPA”). The IPA will authorize an investment Manager to act as representative for each non-Major Purchaser and take certain actions for their benefit and on their behalf. Please see a copy of the IPA included with Company's offering materials for additional details.


  • Closing conditions:
    While Coursalytics Inc. has set an overall target minimum of US $300,000 for the round, Coursalytics Inc. must raise at least US $25,000 of that amount through the Regulation CF portion of their raise before being able to conduct a close on any investments below $20,000. For further information please refer to Coursalytics Inc.'s Form C.

  • Transfer restrictions:
    Securities issued through Regulation CF have a one year restriction on transfer from the date of purchase (except to certain qualified parties as specified under Section 4(a)(6) of the Securities Act of 1933), after which they become freely transferable. While securities issued through Regulation D are similarly considered "restricted securities" and investors must hold their securities indefinitely unless they are registered with the SEC and qualified by state authorities, or an exemption from such registration and qualification requirements is available.

  • Use of Proceeds

    Investor Perks

    $5,000 - $9,999 investment (or $2,500 - $9,999 before May 24, 2019):

    • Five coaching sessions (max 2 per year) with one of the founders to discuss career and personal development 

    $10,000 - $24,999 investment: 

    • Five coaching sessions (max 2 per year) with one of the founders to discuss career and personal development 

    • Early access and early bird pricing to book courses, which may be exclusively marketed/sold by Coursalytics 

    $25,000 - $49,999 investment:

    • Five coaching sessions (max 2 per year) with one of the founders to discuss career and personal development 

    • Early access and early bird pricing to book courses, which may be exclusively marketed/sold by Coursalytics 

    • Quarterly call with CEO to discuss company traction 

    $50,000 - $99,999 investment: 

    • Five coaching sessions (max 2 per year) with one of the founders to discuss career and personal development 

    • Early access and early bird pricing to book courses, which may be exclusively marketed/sold by Coursalytics 

    • Quarterly call with CEO to discuss company traction 

    • Complimentary selection and vetting of expert speakers for your company's corporate education events

    $100,000+ investment: 

    • Five coaching sessions (max 2 per year) with one of the founders to discuss career and personal development 

    • Early access and early bird pricing to book courses, which may be exclusively marketed/sold by Coursalytics 

    • Quarterly call with CEO to discuss company traction

    • Complimentary selection and vetting of expert speakers for your company's corporate education events

    • Board observer seat 

    It is advised that you consult a tax professional to fully understand any potential tax implications of receiving investor perks before making an investment.

    Prior Rounds

    The graph below illustrates the valuation cap or the pre-money valuation of Coursalytics's prior rounds by year.


    This chart does not represent guarantees of future valuation growth and/or declines.

    Other

  • Round Size
    US $120,000
  • Closed Date
    Apr 29, 2016
  • Security Type
    Convertible Note
  • Valuation Cap
    US $3,000,000
  • Other

  • Round Size
    US $100,000
  • Closed Date
    Jun 8, 2018
  • Security Type
    Convertible Note
  • Valuation Cap
    US $1,666,667
  • Other

  • Round Size
    US $66,700
  • Closed Date
    Jul 30, 2018
  • Security Type
    Convertible Note
  • Valuation Cap
    US $4,168,750
  • Financial Discussion

    Operations

    The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”).

    Coursalytics, Inc. (“the Company”) is a corporation organized under the laws of the State of Delaware. The Company is an education and training company that offers corporate training classes.

    The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred, or services have been rendered, the fee for the arrangement is fixed or determinable and collectability is reasonably assured.

    The Company is subject to customary risks and uncertainties including, but not limited to, dependence on key personnel, costs of services provided by third parties, the need to obtain additional financing, and limited operating history.

    Liquidity and Capital Resources

    The proceeds from the Offering are essential to our operations. We plan to use the proceeds as set forth above under "Use of Proceeds", which is an indispensable element of our business strategy. The Offering proceeds will have a beneficial effect on our liquidity, as we have approximately $36,094.38 in cash on hand as of April 24, 2019, which will be augmented by the Offering proceeds and used to execute our business strategy.

    The Company currently does not have any additional outside sources of capital other than the proceeds from the Combined Offerings.

    Capital Expenditures and Other Obligations

    The Company does not intend to make any material capital expenditures in the future.

    Market Landscape

    Market Size

    Although we don't believe there is a single authoritative estimate of the open enrollment of the executive education market size, several calculation techniques lead us to similar results. 

    For example, our database currently includes 9,000+ courses from 400+ providers, with an average course offering of twice per year. And, with an average price of $4,000 per course and average class size of 50, that gives us a current total potential inventory size of about $3.6 billion for all seats in classes available in a year. 

    And our calculation above does not include:

    • thousands of smaller or specialized (law, accounting, non-English language etc.) providers 
    • online executive education programs offered through platforms like Emeritus, ExecOnline, GetSmarter, Bisk, eCornell etc., which have a seemingly unlimited inventory 
    • custom corporate programs, which are offered by thousands of university and non-university providers globally, as well as individual faculty
    • common substitutes for executive education such as conference workshops, TED and Milken Conference style events, and the life coaching / self-improvement industry 

    Some estimates put the U.S. corporate training market size at $70 billion, of which 35% of that is spent on management and leadership training. 

    Coursalytics has identified the following key target audiences:

    • Execs/entrepreneurs looking for a training program to boost their skills / advance their careers. They often look for courses related to specific business skills, new trends and/or technologies, or certificates.
    • Execs/Entrepreneurs looking to expand horizons / get some transformative experience. They often choose short leadership programs or comprehensive management programs.
    • HR persons assisting others (sometimes within the L&D function).

    Risks and Disclosures

    The development and commercialization of the Company’s products and services are highly competitive. It faces competition with respect to any products and services that it may seek to develop or commercialize in the future. Its competitors include major companies worldwide. The education market is an emerging industry where new competitors are entering the market frequently. Many of the Company’s competitors have significantly greater financial, technical and human resources and may have superior expertise in research and development and marketing approved services and thus may be better equipped than the Company to develop and commercialize services. These competitors also compete with the Company in recruiting and retaining qualified personnel and acquiring technologies. Smaller or early stage companies may also prove to be significant competitors, particularly through collaborative arrangements with large and established companies. Accordingly, the Company’s competitors may commercialize products more rapidly or effectively than the Company is able to, which would adversely affect its competitive position, the likelihood that its services will achieve initial market acceptance and its ability to generate meaningful additional revenues from its products and services.

    Failure to obtain new clients or renew client contracts on favorable terms could adversely affect results of operations. The Company may face pricing pressure in obtaining and retaining their clients. Their clients may be able to seek price reductions from them when they renew a contract, when a contract is extended, or when the client’s business has significant volume changes. Their clients may also reduce services if they decide to move services in-house. On some occasions, this pricing pressure results in lower revenue from a client than the Company had anticipated based on their previous agreement with that client. This reduction in revenue could result in an adverse effect on their business and results of operations.

    Further, failure to renew client contracts on favorable terms could have an adverse effect on their business. The Company's contracts with clients generally run for several years and include liquidated damage provisions that provide for early termination fees. Terms are generally renegotiated prior to the end of a contract’s term. If they are not successful in achieving a high rate of contract renewals on favorable terms, their business and results of operations could be adversely affected.

    The Company forecasts project 10x monthly growth by the end of one year. If its assumptions are wrong, and its projections regarding market penetration are too aggressive, its financial projections may overstate its viability. In addition, the forward-looking statements are only predictions. The Company has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

    The Company’s expenses will significantly increase as they seek to execute their current business model. Although the Company estimates that it has enough runway until end of the year, they will be ramping up cash burn to promote revenue growth, initiate payroll, further develop R&D, and fund other Company operations after the raise. Doing so could require significant effort and expense or may not be feasible.

    The Company does not currently hold any intellectual property and they may not be able to obtain such intellectual property. Their ability to obtain protection for their intellectual property (whether through patent, trademark, copyright, or other IP right) is uncertain due to a number of factors, including that the Company may not have been the first to make the inventions. The Company have not conducted any formal analysis of the “prior art” in their technology, and the existence of any such prior art would bring the novelty of their technologies into question and could cause the pending patent applications to be rejected. Further, changes in U.S. and foreign intellectual property law may also impact their ability to successfully prosecute their IP applications. For example, the United States Congress and other foreign legislative bodies may amend their respective IP laws in a manner that makes obtaining IP more difficult or costly. Courts may also render decisions that alter the application of IP laws and detrimentally affect their ability to obtain such protection. Even if the Company is able to successfully register IP, this intellectual property may not provide meaningful protection or commercial advantage. Such IP may not be broad enough to prevent others from developing technologies that are similar or that achieve similar results to theirs. It is also possible that the intellectual property rights of others will bar the Company from licensing their technology and bar them or their customer licensees from exploiting any patents that issue from our pending applications. Finally, in addition to those who may claim priority, any patents that issue from our applications may also be challenged by their competitors on the basis that they are otherwise invalid or unenforceable.

    The company currently has many developers abroad for its core tech products. Its international operations could be affected by currency fluctuations, capital and exchange controls, expropriation and other restrictive government actions, changes in intellectual property legal protections and remedies, trade regulations and procedures and actions affecting approval, production, pricing, and marketing of, reimbursement for and access to its products, as well as by political unrest, unstable governments and legal systems and inter-governmental disputes. Any of these changes could adversely affect its business. Many emerging markets have experienced growth rates in excess of the world’s largest markets, leading to an increased contribution to the industry’s global performance.

    Many individuals today prefer to obtain education online through competitors such as Coursera or 2U providers. We must correctly predict, identify, and interpret changes in consumer preferences and demand, offer new products to meet those changes, and respond to competitive innovation. Consumer preferences for our products change continually. Our success depends on our ability to predict, identify, and interpret the tastes and habits of consumers and to offer products that appeal to consumer preferences. If we do not offer products that appeal to consumers, our sales and market share will decrease. We must distinguish between short-term fads, mid-term trends, and long-term changes in consumer preferences. If we do not accurately predict which shifts in consumer preferences will be long-term, or if we fail to introduce new and improved products to satisfy those preferences, our sales could decline. In addition, because of our varied customer base, we must offer an array of products that satisfy the broad spectrum of consumer preferences. If we fail to expand our product offerings successfully across product categories, or if we do not rapidly develop products in faster growing and more profitable categories, demand for our products could decrease, which could materially and adversely affect our product sales, financial condition, and results of operations.

    In general, demand for our products and services is highly correlated with general economic conditions. A substantial portion of our revenue is derived from discretionary spending by individuals, which typically falls during times of economic instability. Declines in economic conditions in the U.S. or in other countries in which we operate may adversely impact our consolidated financial results. Because such declines in demand are difficult to predict, we or the industry may have increased excess capacity as a result. An increase in excess capacity may result in declines in prices for our products and services.

    The Company’s management holds a below market ownership stake in the Company given its stage. The two co-founders each own 35% of the business with a substantial portion going to advisors. This will be diluted further with notes converting. Management’s equity position may not be large enough to properly incentivize them to grow the Company, increase its value, and achieve the optimal outcome for investors. Once the Company closes its current round, management may face further dilution.

    The Company’s Board does not keep meeting minutes from its board meetings. Though the Company is a Delaware Corporation and Delaware does not legally require its corporations to record and retain meeting minutes, the practice of keeping board minutes is critical to maintaining good corporate governance. Minutes of meetings provide a record of corporate actions, including director and officer appointments and board consents for issuances, and can be helpful in the event of an audit or lawsuit. These recordkeeping practices can also help to reduce the risk of potential liability due to failure to observe corporate formalities, and the failure to do so could negatively impact certain processes, including but not limited to the due diligence process with potential investors or acquirers. There is no guarantee that the Company’s board will begin keeping board meeting minutes.

    The Company does not have employment contracts in place with the founders, Ilya Breyman and Aleksei Dolinskii. Employment agreements typically provide protections to the Company in the event of the employee’s departure, specifically addressing who is entitled to any intellectual property created or developed by those employees in the course of their employment and covering topics such as non-competition and non-solicitation. As a result, if Ilya or Aleksei were to leave Coursalytics, the Company might not have any ability to prevent their direct competition, or have any legal right to intellectual property created during their employment. There is no guarantee that an employment agreement will be entered into

    The Company is overdue on its 2018 tax filing, which could subject it to penalties, fines, or interest changes, and which could indicate a failure to maintain adequate financial controls and safeguards. In particular, the Internal Revenue Service (IRS) could impose the Company with costly penalty and interest charges if the Company has filed its tax return late, or has not furnished certain information by the due date. In addition, even though the Company has filed an extension, if it underestimated its taxes, the IRS could penalize it. Potential tax consequences could adversely affect the Company’s results of operations or financial condition.

    The Company has not filed a Form D for its previous offerings. The SEC rules require a Form D to be filed by companies within 15 days after the first sale of securities in the offering relying on Regulation D. Failing to register with the SEC or get an exemption may lead to fines, the right of investors to get their investments back, and even criminal charges. There is a risk that a late penalty could apply.

    The Company is currently not registered as a foreign corporation authorized to do business in Pennsylvania or Virginia. The Business Corporation Law provides that a foreign corporation may not do business in Pennsylvania or Virginia until it is authorized to do so by each states’ Department of State. The Company currently has mailing addresses in both Pennsylvania and Virginia. SeedInvest has not conducted any analysis to determine whether such registration is required, but failing to properly register may lead to monetary penalization, inability to initiate a lawsuit, and difficulties with licensing. There is no guarantee that the company will register to avoid possible penalization.

    The company is subject to many U.S. federal and state laws and regulations, including those related to privacy, rights of publicity, and law enforcement. These laws and regulations are constantly evolving and may be interpreted, applied, created, or amended, in a manner that could harm our business. The technology and use of the technology in our product may not be legislated, and it is uncertain whether different states will legislate around this technology, and, if they do, how they will do so. Violating existing or future regulatory orders or consent decrees could subject us to substantial monetary fines and other penalties that could negatively affect our financial condition and results of operations.

    General Risks and Disclosures

    Start-up investing is risky. Investing in startups is very risky, highly speculative, and should not be made by anyone who cannot afford to lose their entire investment. Unlike an investment in a mature business where there is a track record of revenue and income, the success of a startup or early-stage venture often relies on the development of a new product or service that may or may not find a market. Before investing, you should carefully consider the specific risks and disclosures related to both this offering type and the company which can be found in this company profile and the documents in the data room below.

    Your shares are not easily transferable. You should not plan on being able to readily transfer and/or resell your security. Currently there is no market or liquidity for these shares and the company does not have any plans to list these shares on an exchange or other secondary market. At some point the company may choose to do so, but until then you should plan to hold your investment for a significant period of time before a "liquidation event" occurs. A "liquidation event" is when the company either lists their shares on an exchange, is acquired, or goes bankrupt.

    The Company may not pay dividends for the foreseeable future. Unless otherwise specified in the offering documents and subject to state law, you are not entitled to receive any dividends on your interest in the Company. Accordingly, any potential investor who anticipates the need for current dividends or income from an investment should not purchase any of the securities offered on the Site.

    Valuation and capitalization. Unlike listed companies that are valued publicly through market-driven stock prices, the valuation of private companies, especially startups, is difficult to assess and you may risk overpaying for your investment. In addition, there may be additional classes of equity with rights that are superior to the class of equity being sold.

    You may only receive limited disclosure. While the company must disclose certain information, since the company is at an early-stage they may only be able to provide limited information about its business plan and operations because it does not have fully developed operations or a long history. The company may also only obligated to file information periodically regarding its business, including financial statements. A publicly listed company, in contrast, is required to file annual and quarterly reports and promptly disclose certain events — through continuing disclosure that you can use to evaluate the status of your investment.

    Investment in personnel. An early-stage investment is also an investment in the entrepreneur or management of the company. Being able to execute on the business plan is often an important factor in whether the business is viable and successful. You should be aware that a portion of your investment may fund the compensation of the company's employees, including its management. You should carefully review any disclosure regarding the company's use of proceeds.

    Possibility of fraud. In light of the relative ease with which early-stage companies can raise funds, it may be the case that certain opportunities turn out to be money-losing fraudulent schemes. As with other investments, there is no guarantee that investments will be immune from fraud.

    Lack of professional guidance. Many successful companies partially attribute their early success to the guidance of professional early-stage investors (e.g., angel investors and venture capital firms). These investors often negotiate for seats on the company's board of directors and play an important role through their resources, contacts and experience in assisting early-stage companies in executing on their business plans. An early-stage company may not have the benefit of such professional investors.

    Representatives of SI Securities, LLC are affiliated with SI Advisors, LLC ("SI Advisors") Representatives of SI Securities, LLC are affiliated with SI Advisors, LLC ("SI Advisors"). SI Advisors is an exempt investment advisor that acts as the General Partner of SI Selections Fund I, L.P. ("SI Selections Fund"). SI Selections Fund is an early stage venture capital fund owned by third-party investors. From time to time, SI Selections Fund may invest in offerings made available on the SeedInvest platform, including this offering. Investments made by SI Selections Fund may be counted towards the total funds raised necessary to reach the minimum funding target as disclosed in the applicable offering materials.

    Coursalytics's Form C

    The Form C is a document the company must file with the Securities and Exchange Commission, which includes basic information about the company and its offering and is a condition to making a Reg CF offering available to investors. It is important to note that the SEC does not review the Form C, and therefore is not recommending and/or approving any of the securities being offered.

    Download Coursalytics's  Form C

    Frequently Asked Questions

    About Side by Side Offerings
    What is Side by Side?

    A Side by Side offering refers to a deal that is raising capital under two offering types. This Side by Side offering is raising under Regulation CF and Rule 506(c) of Regulation D.


    What is a Form C?

    The Form C is a document the company must file with the Securities and Exchange Commission (“SEC”) which includes basic information about the company and its offering and is a condition to making a Reg CF offering available to investors. It is important to note that the SEC does not review the Form C, and therefore is not recommending and/or approving any of the securities being offered.

    Before making any investment decision, it is highly recommended that prospective investors review the Form C filed with the SEC (included in the company's profile) before making any investment decision.


    What is Rule 506(c) under Regulation D?

    Rule 506(c) under Regulation D is a type of offering with no limits on how much a company may raise. The company may generally solicit their offering, but the company must verify each investor’s status as an accredited investor prior to closing and accepting funds. To learn more about Rule 506(c) under Regulation D and other offering types check out our blog and academy.


    What is Reg CF?

    Title III of the JOBS Act outlines Reg CF, a type of offering allowing private companies to raise up to $1 million from all Americans. Prior capital raising options limited private companies to raising money only from accredited investors, historically the wealthiest ~2% of Americans. Like a Kickstarter campaign, Reg CF allows companies to raise funds online from their early adopters and the crowd. However, instead of providing investors a reward such as a t-shirt or a card, investors receive securities, typically equity, in the startups they back. To learn more about Reg CF and other offering types check out our blog and academy.


    Making an Investment in Coursalytics
    How does investing work?

    When you complete your investment on SeedInvest, your money will be transferred to an escrow account where an independent escrow agent will watch over your investment until it is accepted by Coursalytics. Once Coursalytics accepts your investment, and certain regulatory procedures are completed, your money will be transferred from the escrow account to Coursalytics in exchange for your securities. At that point, you will be a proud owner in Coursalytics.


    What will I need to complete my investment?

    To make an investment, you will need the following information readily available:

    1. Personal information such as your current address and phone number
    2. Employment and employer information
    3. Net worth and income information
    4. Social Security Number or passport
    5. ABA bank routing number and checking account number (typically found on a personal check or bank statement)

    If you are investing under Rule 506(c) of Regulation D, your status as an Accredited Investor will also need to be verified and you will be asked to provide documentation supporting your income, net worth, revenue, or net assets or a letter from a qualified advisor such as a Registered Investment Advisor, Registered Broker Dealer, Lawyer, or CPA.


    How much can I invest?

    An investor is limited in the amount that he or she may invest in a Reg CF offering during any 12-month period:

    • If either the annual income or the net worth of the investor is less than $100,000, the investor is limited to the greater of $2,000 or 5% of the lesser of his or her annual income or net worth.
    • If the annual income and net worth of the investor are both greater than $100,000, the investor is limited to 10% of the lesser of his or her annual income or net worth, to a maximum of $100,000.

    Separately, Coursalytics has set a minimum investment amount of US $1,000.

    Accredited investors investing $20,000 or over do not have investment limits.


    After My Investment
    What is my ongoing relationship with the Issuer?

    You are a partial owner of the company, you do own securities after all! But more importantly, companies which have raised money via Regulation CF must file information with the SEC and post it on their websites on an annual basis. Receiving regular company updates is important to keep shareholders educated and informed about the progress of the company and their investment. This annual report includes information similar to a company’s initial Reg CF filing and key information that a company will want to share with its investors to foster a dynamic and healthy relationship.

    In certain circumstances a company may terminate its ongoing reporting requirement if:

    1. The company becomes a fully-reporting registrant with the SEC
    2. The company has filed at least one annual report, but has no more than 300 shareholders of record
    3. The company has filed at least three annual reports, and has no more than $10 million in assets
    4. The company or another party purchases or repurchases all the securities sold in reliance on Section 4(a)(6)
    5. The company ceases to do business

    However, regardless of whether a company has terminated its ongoing reporting requirement per SEC rules, SeedInvest works with all companies on its platform to ensure that investors are provided quarterly updates. These quarterly reports will include information such as: (i) quarterly net sales, (ii) quarterly change in cash and cash on hand, (iii) material updates on the business, (iv) fundraising updates (any plans for next round, current round status, etc.), and (v) any notable press and news.


    How can I sell my securities in the future?

    Currently there is no market or liquidity for these securities. Right now Coursalytics does not plan to list these securities on a national exchange or another secondary market. At some point Coursalytics may choose to do so, but until then you should plan to hold your investment for a significant period of time before a “liquidation event” occurs. A “liquidation event” is when Coursalytics either lists their securities on an exchange, is acquired, or goes bankrupt.


    How do I keep track of this investment?

    You can return to SeedInvest at any time to view your portfolio of investments and obtain a summary statement. If invested under Regulation CF you may also receive periodic updates from the company about their business, in addition to monthly account statements.


    Other General Questions
    What is this page about?

    This is Coursalytics's fundraising profile page, where you can find information that may be helpful for you to make an investment decision in their company. The information on this page includes the company overview, team bios, and the risks and disclosures related to this investment opportunity. If the company runs a side by side offering that includes an offering under Regulation CF, you may also find a copy of the Coursalytics's Form C. The Form C includes important details about Coursalytics's fundraise that you should review before investing.


    How can I (or the company) cancel my investment under Regulation CF?

    For offerings made under Regulation CF, you may cancel your investment at any time up to 48 hours before a closing occurs or an earlier date set by the company. You will be sent a reminder notification approximately five days before the closing or set date giving you an opportunity to cancel your investment if you had not already done so. Once a closing occurs, and if you have not canceled your investment, you will receive an email notifying you that your securities have been issued. If you have already funded your investment, your funds will be promptly refunded to you upon cancellation. To cancel your investment, you may go to your account's portfolio page by clicking your profile icon in the top right corner.


    What if I change my mind about investing?

    If you invest under any other offering type, you may cancel your investment at any time, for any reason until a closing occurs. You will receive an email when the closing occurs and your securities have been issued. If you have already funded your investment and your funds are in escrow, your funds will be promptly refunded to you upon cancellation. To cancel your investment, please go to your account's portfolio page by clicking your profile icon in the top right corner.