Hotmart, a Belo Horizonte, Brazil-based platform to create and sell online courses, plans to buy Teachable, a similar company based in New York. The deal should close in the second quarter.
Hotmart made the purchase to grow its presence in the U.S., according to an online post from Hotmart CEO João Pedro. Hotmart has 670 employees, mostly in Latin America and Europe, and will have about 800 should the deal close. Founded in 2011, Hotmart has grown to 60,000-plus creators selling 150,000-plus products.
Founded in 2014, Teachable has grown to 50,000-plus creators and 30 million students on its platform, according to an online post from Teachable CEO Ankur Nagpal, who will continue in that role. It will continue to exist as its own brand within Hotmart. Teachable had raised $12.5 million in venture capital, according to Crunchbase. Investors include Accomplice Ventures and Naval Ravikant, co-founder of AngelList.
