GoStudent, the Vienna-based e-learning startup, has completed a €70 million Series B round led by new investor Coatue together with existing partners Left Lane Capital and DN Capital, only 4 months after the increase of its Series A.
Founded in 2016, GoStudent’s digital learning platform brings students of all ages together with carefully selected teachers in a virtual one-on-one classroom setting. The fact that this digital education offer has proved very popular with many parents has motivated the founders Felix Ohswald (who we interviewed last year) and Gregor Müller to continue the rapid growth.
The financing will be used to further drive the internationalization of GoStudent, advancing the presence in significant tutoring markets such as France, Spain, Italy, the UK, and Ireland. Turkey and Greece will be launched in the first half of 2021 amongst other countries. In addition, GoStudent will invest highly in branding and product improvement. By the end of the year, GoStudent aims to be present in at least 15 countries across Europe and grow its team to +800 employees and +10,000 tutors.
Felix Ohswald, CEO and Founder, GoStudent, said about the Series B investment: “The series B investment makes us the best-funded consumer K12 education start-up in Europe! We are thrilled to receive such high confidence from existing and new investors on our way to revolutionize education worldwide. Our growth targets this year are enormous – the investment of 70 million euros will enable us to position GoStudent as the top player in Europe for making high- quality education widely accessible.”
Gregor Müller, Co-founder and COO of GoStudent, added: “Conquering Europe is only the first step. Our mission is to build the No. 1 Global School to help every student unlock their full potential. Thus, our mid-term goal is to become the largest education company in the world.”
With +250,000 tutoring sessions booked monthly and a market presence in 10 European countries, GoStudent has meanwhile grown to become the market leader in revenue for K-12 online tutoring in Europe. Over the past months, GoStudent has expanded its team to +300 employees and opened up new offices in Lyon, London, Madrid, Dusseldorf, Berlin and Milan. New offices in Athens, Istanbul and Amsterdam will be opened in the second quarter of 2021.
Laura Warnier, Chief Growth Officer, GoStudent, on the importance of spreading the online tutoring of GoStudent across Europe said: “By connecting every student with the ideal teacher we solve a significant problem. Especially this year – while we have not yet overcome the pandemic – we will be an important partner for parents to fight the educational deficits of their children caused by school lockdowns and inefficient homeschooling across Europe. By the end of 2021, we aim to offer our tutoring services in +15 countries!”.
Harley Miller, Managing Partner, Left Lane Capital, and Board member, GoStudent, said: “It’s been an exciting journey as an investor to see GoStudent expand so elegantly across Europe, offering affordable yet high-quality education to the masses. The pace at which they’re executing is extraordinary.”
Vinny Pujji, Partner, Left Lane Capital, and Board member, GoStudent, said: “GoStudent is spearheading the European ed-tech movement in what has been a highly-fragmented, traditionally offline market.”
Nenad Marovac, Managing Partner and CEO, DN Capital, said: “We believe that GoStudent can be the dominant winner in online tutoring in Europe, by leveraging technology GoStudent democratizes quality education to all. The demand for the company’s product has been proven given the lightning speed of growth that the company is experiencing, over 800% in 2020.”
