Austrian Online Tutoring Platform GoStudent Raises $340M In Series D Funding Round
GoStudent, a Vienna-based EdTech platform where K-12 students (and their parents) can find and engage with one-to-one video-based tutors in a variety of subjects, has raised $340 million (300M Euros) in its Series D round of funding led by new investor Prosus, an Amsterdam-based consumer internet group.
The round also saw participation from Deutsche Telekom, SoftBank, Tencent, Dragoneer, Left Lane Capital and Coatue.
With the new financing, the company plans to expand its services internationally, also expand its offerings through M&A, and increase market share in existing geographies.
According to the company’s statement, the latest round has made it the highest valued K12 EdTech company in Europe with a valuation of €3B.
Co-founded by entrepreneurs Felix Ohswald and Gregor Muller in 2016, GoStudent offers a digital learning platform for online teaching and paid individual courses for all school subjects. The startup aims to help students reach their full potential and replace traditional tutoring through online teaching.
GoStudent employs more than 1,300 people and works with over 15,000+ tutors. Currently, the EdTech unicorn is serving customers in 22 countries and over 1.5 million tutoring sessions are booked each month.
Commenting on the funding, Co-founder and CEO of GoStudent, Felix Ohswald, said in a statement, “Education has seen a whirlwind of change, from remote classrooms to increased academic ambitions, and we believe there is a big opportunity to transform how students learn all over the world by expanding access to quality education. We are thrilled to receive support from both new and existing investors as we continue to revolutionize education worldwide.”
The company claims to have expanded to 16 countries, including Canada and Mexico, and opened 19 international office locations. Additionally, it has also grown its team by more than 1K employees and +10K tutors and plans to increase its team further by the end of 2022.
Co-founder and COO of GoStudent, added, “Our goal is to disrupt traditional perceptions of the tutoring industry by demonstrating to parents the advantages of choosing a carefully selected online tutor, in turn significantly improving the student learning experience.”
The start-up acquired the all-in-one school communication app Fox Education last year in September. To enhance the learning experience of K12 students, GoStudent also plans to acquire ‘best-of-breed’ K12 education services and products to create a streamlined learning experience.
The latest investment comes just seven months after GoStudent became Europe’s first EdTech unicorn, raising a Series C round of €205 million in June 2021. The start-up’s new funding brings its total raised to more than €590 million.
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