Vienna-based Ed-Tech scale-up GoStudent, which provides one-to-one video-based online tutoring, has hit unicorn status less than 2.5 years after finding its current business model, following a successful Series C funding round of EUR205 million.
Vienna-based Ed-Tech scale-up GoStudent, which provides one-to-one video-based online tutoring, has hit unicorn status less than 2.5 years after finding its current business model, following a successful Series C funding round of EUR205 million.
This comes just months after the completion of GoStudent’s EUR70 million Series B round in March 2021. The Series C investment is led by DST Global with participation from additional new investors including SoftBank Vision Fund 2, Tencent, Dragoneer and existing investors Coatue, Left Lane Capital and DN Capital. The trust and enthusiasm of both new and existing investors indicates a strong conviction in the continued exponential growth of the online education scale-up, and the global need for online and accessible tutor-led learning. With a valuation of EUR1.4 bn GoStudent becomes the highest valued K12 Ed-Tech company in Europe to date.
With the additional financing, GoStudent’s total amount raised comes to more than EUR291 million. The investment will primarily be used to further drive global expansion. With a presence in 15 countries, GoStudent will continue to strengthen its position as the market leader for K12 online tutoring in Europe. Over the past months, the rapidly-growing Ed-Tech company has expanded its team to more than 500 employees and has opened 12 offices, including new locations in Athens, Istanbul and Amsterdam. In addition to further developing its presence in Europe, GoStudent will also be expanding overseas, and plans to launch in Mexico and Canada this summer. The scale-up will also invest in branding, product development and first acquisitions.
GoStudent grows approximately 30 per cent month-over-month and books +400,000 tutoring sessions each month. By the end of 2021, GoStudent aims to be present in over 20 countries across the globe and will double its team to more than 1,000 employees and 10,000 tutors.
Felix Ohswald, co-founder and CEO of GoStudent, says: “At the heart of GoStudent is our mission to build the No1 Global School. The new investment and the resulting opportunities for continued international growth bring us one step closer to fulfilling our mission.”
Gregor Müller, co-founder, and COO of GoStudent, adds: “We are thrilled to receive such support from both existing and new investors as we continue on our mission to revolutionise education worldwide. By connecting every student with their ideal teacher we solve the fundamental problem of lacking access to top teachers and, in turn, we make affordable, hiqh-quality education widely available.”
