Question 1

Can you please tell us more about the ways you collect the 10.000 new essays/month? And what is your revenue breakdown?

Accepted Answer

Hi Thomas, We acquire essays via two channels. The first is our "free contributor" program. Students can upload 10 essays and, if approved, receive 7 days of free access to our essay examples database (EDB). But we also acquire essays by purchasing them directly from students. Most students are happy to sell us their old essays for a couple dollars each. We've found this channel to be the most scaleable and this is where we'd be using the capital we raise here on WeFunder. Hope that helps!

Question 2

How do you explain a $7 million valuation?

Accepted Answer

Hi Fahad, we're on track to do nearly $1MM in revenue this year. But looking beyond that, our essay examples database revenue is growing at an extremely impressive clip of over 400% yeer-over-year. When considering these metrics and the fact that we've done a lot to de-risk the business already (we're profitable, after all), we feel a $7MM valuation is fair.

Question 3

As an ESL instructor, I am concerned about the distinction between "helping a student with his or her writing" and "writing the essay for the student". How does Kibin actually perform? What functions of the process does Kibin perform?

Accepted Answer

Hi Barbara, We're very careful to make sure we're operating on the right side of helpful. We have a policy that we never write content for students. If a student asks our editors to do so, editors are diligent about flagging the inappropriate order. We then immediately cancel the job and refund the customer's payment. Our culture is to always be helpful. We screen prospective editors for their ability to be writing tutors first, and technical editors second. We're known for the amount of comm...

Question 4

A couple of questions. First, how do you plan to spend the capital raised in this round? You mention growth, but don't explain your new scalability plan. Second, It's unclear how you monetize the essay database based on your summary. Seeing as this is where you are predicting ...

Accepted Answer

Hi Eric, have you read "Details" or Q&A of our profile? I think that answers most of your questions. I'd also highly recommend looking over our short investor presentation here: https://d2qbf73089ujv4.cloudfront.net/uploads/company_attachment/file/1382-EitUe8BSTxU7Tzw3SR3iZAMJ/Kibin_Investor_Presentation.pdf But to answer directly here, the capital will be used to purchase more essays for our examples database. The more essays we have, the more long-tail organic search traffic it drives. ...

Question 5

I suppose I don't understand how more essays directly translates into additional EDB revenue. Are you charging your current EDB customers on a per essay basis? Or are you expecting a growth in EDB customers directly proportional to growth in EDB size?

Accepted Answer

Hi Eric, the answer lies in the slide/image we have in the investor presentation with the arrows. It's slide #6 and has the title "Ultimately, growth is driven by adding more essays to our database". The more essays we have, the more opportunities we have to show up in Google search results. Think of it like Wikipedia. The site is successful because it has high-quality content, but it also has a TON of content. But if you were researching something and Wikipedia didn't have any information on...

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