LONDON – April 20, 2022 – MyCoolClass, a start-up cooperative of independent teachers and tutors, as well as workers and investor members, today announced its new funding endeavor called community shares. MyCoolClass is a democratized learning platform in the online learning sector that helps teachers with fair payment for their teaching and tutoring services. MyCoolClass is dedicated to fairness and equity for teachers and educators previously exposed to inequitable, traditional employment parameters. The community shares offer is available beginning April 20, 2022, with share opportunities ending on October 15, 2022.
“MyCoolClass is an online learning platform cooperative owned by independent teachers and tutors, workers and investor members,” said the creator and founder of MyCoolClass, John Hayes. “The education sector has been defined by rampant profiteering in which both teachers and students are subject to platform capitalism. We are building an alternative to venture capital-owned giants that are trying to dominate the online learning sector. Since we founded MyCoolClass in 2020, thousands of teachers have expressed support by signing up for our mailing list. They really want to see MyCoolClass succeed.”
Hayes explained, “Platforms live or die by the teachers who teach on them. After years of poor pay and job insecurity, we believe that teachers are ready for something new, better and different. MyCoolClass is undertaking a share issue to raise the funds needed to make the cooperative successful and challenge industry giants in the online learning sector. Community shares is a common fundraising practice in the UK among cooperative societies.”
MyCoolClass features courses for any age group on almost any subject and attracts high-quality global teachers and students. Teachers are especially engaged and dedicated to the learning platform that offers fair compensation. Fair pay for teachers is not easily available when educators sign employment contracts with corporations.
MyCoolClass has an objective of raising a maximum target of £500,000, with a minimum share subscription per person of £100. Interest of 5 percent will be paid annually after one year of membership. The withdrawal of capital is targeted after three years, and UK investors may be entitled to tax relief of up to 50% on their investments.
Community shares is a user-friendly name for withdrawable, non-transferable share capital: a form of equity uniquely available to cooperative and community benefit societies. Since 2012, over £155m has been raised by over 104,203 people in community shares across the UK.