Learning and Development is Boring. Spekit Changed my Mind
Why we’re co-leading Spekit’s Series A round of funding
In 2016, after I told anyone who would listen that I hated EdTech, I invested in MasterClass, the streaming platform making it possible for anyone to watch or listen to hundreds of video lessons taught by the world’s best experts from Marc Jacobs and Sara Blakely to Gordon Ramsay and Neil deGrasse Tyson. Fast forward to 2021, after I have bemoaned L&D software for years, I’m investing in Spekit, which is disrupting traditional methods of training, adoption and enablement. The truth is, there’s not a lot to like in past incarnations of either of these segments. Does anyone actually enjoy the on-the-job training sessions or online learning (and, as data shows, does anyone even learn anything)? Both Masterclass and Spekit changed my mind because they do two things that make for some of the best investments. First, they question the assumptions of their categories and go back to the first principles of their customers. How do people actually learn and where do they do it? Second, they are both led by incredible Founders and CEOs.
If I am going to be completely honest, I walked into my first meeting with Melanie Fellay (Spekit’s CEO and co-founder) expecting not to like the company. However, I came away from that hour together completely energized and excited about the future of Learning & Development. The more I dug into the business, the more excited I became. One thing that stuck out to me immediately was that the data room had a list of about 30 customers with contact information. Putting 30 of your valuable customers out there to a bunch of VCs is a bold move that demonstrates deep confidence in your product and your customer love. The more time we spent with Melanie and her co-founder Zari Zahra, the clearer it was that they brought so much empathy and nuance to their product. It showed that not only were they once their own customer, but that they have the ability to translate that customer pain into a delightful experience.
By having all of the information that they need in one place, teams can learn where they work, while they work and be fully equipped to excel at their jobs. Helping people be excellent at what they do is a theme that has driven many of our investments, including MasterClass, Compass, and Coda. The workplace is decades behind how we learn as consumers. Spekit is leading a revolution with an approach that replaces training as an “event” or “destination” with something that happens as you work and that’s personalized to you.
Today, Spekit is announcing a $12.2 million Series A co-led by myself and Jacyln Hester of Foundry Group, with Lelya Seka from Operator Collective also participating. I’m delighted to be joining a highly collaborative board that also includes Bonfire’s Brett Queener, who works right alongside the founding team as a true partner.
At Renegade, we talk about investing in movements. Companies that have the ability to become verbs. There are three hallmarks that all movements possess and they are:
Attacking a market at a tipping point. COVID forced us all to work from home which means we also have to learn and be trained at home. Meeting in the conference room no longer works. There’s also a lot of research that demonstrates that presentations and classroom-style lectures aren’t effective ways for adults to learn. It’s quite rare to see a seed-stage company with brand name enterprise customers like Southwest and JLL, yet Spekit has them in spades.
They build a compounding advantage. Spekit not only provides the infrastructure for contextual learning, but it’s also the system of record for the content. All of a customers’ training, marketing content, battle cards and team updates live in Spekit - allowing everyone to be on the same page when it comes to current norms, processes, and collateral.
They are purpose-driven. We love working with founders that have a deep personal motivation to start their company. Melanie was Spekit’s customer when she was at RealtyShares. She and Zari built the product that they wished they had. By attacking the problem as the customer themselves, they bring a level of nuance and empathy that only comes with personal experience. This rang true speaking to customers - Spekit goes out of their way to make customers heros inside of their companies.
A special thank you goes to our Boulder-based Chief People Officer, Susan Alban. This deal came about through her incredible network in Colorado and demonstrates the value in having team members in diverse locations. We advise our portfolio companies on the value of finding talent based on talent rather than location, and this deal is a perfect example.
Congratulations to the entire Spekit Team! We are thrilled to work with this team and, if you are too, check out Spekit’s open positions.
Are you a renegade founder of a company that is at the supercritical stage? Let’s talk! hi@renegadepartners.com