Non-Russian alternatives for educators. How a Ukrainian startup Optimate works
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In the recurring Who Are These People segment, Vector offers founders an opportunity to discuss their projects, covering aspects such as their products, marketing strategies, monetisation, investments, and business plans. The focus this time is on Optimate, a Ukrainian startup. This ERP platform is designed for tutoring centres and language schools to efficiently manage scheduling, teacher workloads, lesson payments, student information, and more, in order to streamline the administrative process.
Editor-in-chief Yuliia Tkach interviewed Oleh Hrytsyniak, Optimate’s founder, about the product’s features, promotion, investments, and plans.
Conception
The startup was founded by Oleh Hrytsyniak, an entrepreneur with more than eight years in the education sector. Inspiration for developing the platform came about in 2022. «Russia’s full-scale invasion of Ukraine demonstrated that most Ukrainian schools rely on Russian systems, and there are no Ukrainian alternatives available. I brought a team together to initiate the development of such a system after reviewing some of the top platforms and consulting with tutors, administrators, school owners, and students.
We quickly realised that a Learning Management System (LMS) “” “Learning is a useful tool but not an absolute necessity. Users were largely satisfied with the systems available to them, yet the challenge of addressing the financial side remained unresolved. Tasks such as financial accounting, payroll management, payment tracking, and invoicing continued to be performed manually in Excel spreadsheets. This was the source of all the pain», — Oleh says.
The beta version of the product was launched on 21 June 2023. Schools that adopted Optimate provided feedback on their experiences, which, according to the founder, helped to refine the platform by eliminating unnecessary features and allowing for incremental improvements.
13 team members are currently working on the project.
Product and audience
Optimate is a system for managing resources — including time, salary, and client receipts — while also monitoring balances to enhance interactions with students. The product aims to empower schools to optimise their learning processes, track financials, and facilitate other organisational processes.
According to the founder, the calendar is the product’s central feature. Each recorded event triggers financial transactions, such as accruing a teacher’s salary or debiting a student’s account. It’s a form of Google Calendar that has been adjusted to meet industry needs.
The clients are educational businesses such as online schools and tutoring centres. The startup has 113 clients currently subscribed to its paid services.
Business model and marketing strategy
Optimate offers multiple subscription options. «Teachers represent a unique segment of digital product consumers. They appreciate simplicity and convenience and are hesitant to make quick changes to their work processes. They are particularly sensitive to matters of finance. This means we had to propose a price that wouldn’t pose a barrier, allowing us to attract more clients while keeping costs low.
The optionality is not limited by the subscription price — the only variation is in the number of teachers who can engage with the product:
- Extra small: for 2-8 teachers;
- Small: for 9-15 teachers;
- Medium: for 16-25 teachers;
- Large: suitable for schools with 25+ teachers.
Subscription fees vary from 15 euros to over 60 euros. Given the high entry threshold for the system, we offer a 3-month subscription upfront, and those who opt for an annual subscription can enjoy a special discount of 20%.
Our project is marketed through performance marketing strategies. In addition, we partner with integrators, embedding our product within the solutions designed by specialists for their clients. For instance, we can integrate a CRM system with Optimate», — explains Oleh Hrytsyniak.
They attend thematic conferences, among other events, to boost product visibility. Additionally, they launched a knowledge-sharing podcast to engage with marketing, sales, and management specialists, and owners of major educational businesses.
Investments
The project was kickstarted with an initial investment of around $150,000 from the founder’s own resources. The startup is initiating the commercial phase at the Seed stage, focusing on generating MRR to enhance its appeal to potential investors. They are set to enter the investment fund market in 2025, potentially looking to raise between $250,000 and $300,000 in investments.
Plans
The product is presently operating in Ukraine, with plans to expand into the European educational market. «It seems that Romania and Poland will be the two most manageable markets in the upcoming phase. Of all the potentially large markets, we are especially interested in the Spanish-speaking countries of Latin America, particularly Mexico and Colombia. We also intend to enhance the product, tailor it to specific needs, and localise it for various markets»,— summarises the founder.
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