GoStudent, the Vienna-based edtech scaleup which provides video-based online tutoring in 1-on-1 format, has hit unicorn status, following a successful Series C funding round of €205 million. The round was 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.
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, especially during the pandemic, has motivated the co-founders Felix Ohswald (who we interviewed last year, and also joined us for the EU-Startups Summit) and Gregor Müller to continue the scaleup’s rapid growth.
The scaleup’s fresh funding comes just two months after the completion of GoStudent’s €70 million Series B round, bringing its total amount raised to +€291 million. With a new valuation of €1.4 billion, GoStudent now becomes the highest valued K12 Ed-Tech company in Europe to date.
The investment will primarily be used to further drive global expansion. With a presence in 18 countries, GoStudent will continue to strengthen its position as the market leader for K-12 online tutoring in Europe. Over the past months, the rapidly-growing edtech 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 scaleup will also invest in branding, product development and consider strategic acquisitions.
GoStudent grows approximately 15% 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, GoStudent, said: “At the heart of GoStudent is our mission to build the No. 1 Global Digital 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, GoStudent, added: “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.”
Nenad Marovac, Founder and Managing Partner, DN Capital, said: “GoStudent is one of the fastest growing companies that we have ever backed. The company has grown 800% in terms of revenue and 70x in terms of value since 2020 and we are convinced that this is just the beginning. We believe that GoStudent can become one of the top digital schools in the world. By leveraging technology GoStudent democratizes quality education to all at affordable prices”