Vienna-based e-learning start-up GoStudent successfully closed an €8.3 million Series Around led by Left Lane Capital. London-based DN Capital also joined the round alongside existing investors, and the founders of Swoodoo and HomeToGo participated as strategic partners.
GoStudent operates an affordable digital school connecting students with the best teachers worldwide for individual or group tutoring sessions.
The company offers 6, 12, and 24-month tutoring subscription packages to students in the DACH region today, with imminent plans to expand its footprint to other European markets. Classes are digitally taught live in a virtual classroom setting – GoStudent provides software tools to both students and teachers, allowing both parties to focus
entirely on teaching, tutoring, and learning, removing the burden of all tedious administrative tasks.
The data-driven startup uses AI to support its rigorous tutor selection and onboarding processes, ensuring that the best possible tutor is matched with each student. GoStudent also offers a free social homework chat where students can discuss their questions with others in an easy and safe environment. It currently books 55,000+ monthly sessions across its customer base with 1,100+ active tutors on the platform.
“We are excited about the successful investment and thrilled to welcome aboard such experienced investors and partners for our mission. The current crisis not only demands the need to drive forward the digitalisation of the education system, but also clearly highlights the opportunity to supplement the existing traditional education system” says Felix Ohswald, GoStudent founder and CEO.
“For us, the investment is primarily a strategic move for the future. Our plan is to expand beyond the German-speaking countries by the end of the year.”
“We are thrilled to partner with such humble and driven entrepreneurs on a mission to build a next-generation education technology company. The market is seeing a fast and permanent shift to onlinelearning, and GoStudent is delivering on its promise to bring tutoring to the masses”, added Harley Miller, Managing Partner at Left Lane Capital.
“The product that they offer is considerably more affordable, and yet still higher efficacy than the status quo. Unlike in Asia, and to a lesser extent in the US, tutoring in Europe has historically been stigmatised, but GoStudent is changing the paradigm and positioning tutoring as a proactive muscle that all students can and should exercise.”
Nenad Marovac, Managing Partner & CEO at DN Capital says, “We are very impressed by the quality of the team and the traction to date at Go Student.
“With favorable customer and tutor satisfaction metrics, a strong focus on superior learning outcomes, and very attractive unit economics, the business is well positioned to emerge as the winner in online tutoring in Europe.”
The financing will be used to accelerate new customer and tutor acquisition in the German-speaking region, further investments into product, and expand its geographic footprint beyond its current core markets.