GoStudent is a Vienna-based edtech scaleup offering a digital learning platform for online education and the future of tutoring. In a recent development, the company picked up €205 million (nearly £175 million) in an oversubscribed Series C funding round led by investor DST Global along with participation from new investors SoftBank Vision Fund 2 Tencent, and Dragoneer and existing investors Coatue, Left Lane Capital and London-based DN Capital.
International expansion plans
The investment will primarily be used to drive its global expansion further. With a presence in 18 countries, GoStudent will continue to strengthen its position as the market leader for K12 online tutoring in Europe. Over the past months, the company expanded its team to over 500 employees and opened 12 offices, including new locations in Athens, Istanbul and Amsterdam. Besides 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.
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”
Becomes most valued edtech company
With this investment, GoStudent is now valued at €1.4 billion (nearly £1.2 billion). Notably, the company achieved unicorn status in less than 2.5 years of the debut of its current business model. Also, it secured the position as the highest valued K12 edtech company in Europe to date.
GoStudent witnessed 15% month-over-month and booked over 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. Established in 2016 in Vienna by Felix Ohswald, and Gregor Müller, GoStudent operates in 18 markets and offers paid individual courses for all school subjects to K12 students.