Great Teachers, Inc. is addressing the problem of high turnover among new teachers, which strains district budgets and has negative impacts on educational outcomes, especially for low-income and minority students.
Venn is interested in making a PRI to Great Teachers to support further development and deployment of TeachersConnect, which is an online network that provides new K-12 teachers a safe place to ask their most urgent questions and get answers from a trusted network of peers, mentors, and experts who understand the real-world classroom challenges.
TeachersConnect is free for teachers. Its primary customers are (1) school districts, which value how the system helps increase teacher retention and quality, and (2) teacher preparation programs, which value maintaining relationships with their recent alumni and having a compelling feedback loop to improve programming and meet new accreditation requirements.
Recipient Name: Great Teachers, Inc.
Corporate Form: Delaware Business Corporation
Founder & CEO: David Meyers
Raised for PRI: $200,200
Overview of Investment Terms:
Accrues simple interest at 3% annually before conversion
Maturity: Optional conversion to most senior equity in 3 years at a set pre-money valuation.
Qualified Financing: Automatic conversion to equity at a sliding discount (0%-15% based on timing) to the stock price negotiated in qualified financing that yields at least $750,000 in new proceeds. Set valuation cap.
Change of Control before Qualified Financing: No conversion. Venn will receive 1.5 times the principal and accrued interest then outstanding.