Vienna-headquartered GoStudent, one of the world’s leading tutoring providers and education platforms, has raised a strategic $95 million. The raise is a mix of equity and debt capital, with participation from Deutsche Bank, and investors including Left Lane Capital, DN Capital, Tencent, Prosus, DST, Coatue (which backed Our Next Energy and Verse) and Softbank Vision Fund 2.
As there is no ‘one size fits all’ when it comes to education, the raise will be used to bring enhanced hybrid learning solutions to the DACH region. Having seen that nearly 61% of parents are seeking a combination of online and offline educational support, GoStudent and Studienkreis (acquired by GoStudent in late 2022) will offer families in Austria and Germany access to packages tailored to the child’s learning style and needs, spanning 1:1 online tutoring, group offline lessons, and sessions via GoVR – GoStudent’s newly-launched virtual reality language learning platform.
“We see daily the impact that tailored learning can have on a child’s confidence,” commented GoStudent CEO and co-founder, Felix Ohswald. “By offering AI-driven study support or virtual reality lessons in group environments, alongside traditional tutoring, a truly bespoke learning path can be created for each individual child – readying them for their future.”
“As one of GoStudent’s earliest investors, we backed the company’s vision and are thrilled to see the team execute against it,” comments Harley Miller, CEO and Managing Partner at Left Lane Capital. “The team has honed its core online tutoring offering, built a sustainable model, and grown across Europe. As GoStudent doubles down on its existing VR capabilities, introduces smart AI tools, and drives synergies with Studienkreis, we see even further potential to complete its vision of hybrid offline and online tutoring, as well as introducing other technology-enabled learning modalities.”
AI-based hybrod learning solutions
In addition to this, GoStudent, which was founded by Felix Ohswald and Gregor Müller in 2016, shared its strategic vision for AI in May. It will use the fresh funds to prioritise the creation of AI-driven tools. Notably, it is estimated that the global market size of AI in education could reach $10-20 billion by 2027. The Austrian edtech eyes to catch in on this growing segment.
With a view to empower over 23,000 tutors on its platform, GoStudent will develop an AI lesson plan generator, trained on the local curriculum, saving each tutor an average of 15 minutes per lesson. The company will also introduce AI-driven content-based learning to its platform, meaning students can study in between lessons, engaging with content tailored to their specific needs.
