When Tade Oyerinde embarked on fundraising for his startup, Campus, a fully-accredited online community college, he faced significant challenges. While VCs had previously supported for-profit education companies like Coursera and Udacity, backing a traditional two-year college posed a different scenario. Moreover, Oyerinde was seeking funds during a period when higher education was grappling with declining enrollment and rising tuition costs.
Speaking on a recent episode of TechCrunch’s Found podcast, Oyerinde explained why he believed turning to venture capitalists for funding was still the right choice. Campus operates on CampusWire, an online learning software developed by Oyerinde before launching Campus. This software-enabled approach made Campus lean and disruptive, although it differed from typical software or edtech startups. Oyerinde felt that tackling a legacy industry aligned well with the venture capitalists’ appetite for innovation.
Reflecting on the challenges, Oyerinde admitted that his initial mistake was pursuing numerous investors without focusing on those with a specific interest or experience in the community college space. Once he pivoted his approach and targeted investors familiar with community colleges, fundraising became more manageable.
Some of Campus’s early investors included Sam Altman, the founder of OpenAI, and Jason Citron, the founder of Discord. Both Altman and Citron grasped the importance of innovation in the community college realm, having attended community colleges themselves.
Establishing connections with influential figures like Citron was vital for Campus’s growth. Citron’s participation in Campus’s seed round led to further introductions, including a meeting with Altman. These interactions highlighted the urgency of updating community college education to align with technological advancements.
Oyerinde emphasized the necessity for a tech-enabled, adaptive learning experience in community colleges to equip students with the skills needed for the evolving landscape. Campus’s ties to Silicon Valley and startups allowed it to stay ahead of trends and adjust its curriculum swiftly.
Campus successfully secured over $55 million in venture funding, with notable investments from Altman, Citron, and Founders Fund. Despite the downturn in the edtech sector post-pandemic boom, Campus’s innovative approach attracted substantial funding amidst the sector’s decline.
Despite initial difficulties, Oyerinde remains optimistic about Campus’s future. The startup’s groundbreaking efforts in an untouched educational sector have garnered widespread interest and support. Oyerinde envisions Campus as a transformative force in American education and beyond, positioning itself as a prime candidate for funding in Silicon Valley.
