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Europe’s first edtech unicorn GoStudent just raised mega €300M funding for its online tutor marketplace

GoStudent
Image credits: GoStudent

GoStudent, a Vienna-based online tutoring platform, has raised €300M in Series D funding led by Dutch investor Prosus. Other investors, including Deutsche Telekom, SoftBank Vision Fund 2, Tencent, Dragoneer, Left Lane Capital, and Coatue, participated. 

The funding comes seven months after it became Europe’s first edTech unicorn, raising €205M in the Series C round in June last year. To date, GoStudent has raised a total of €590M in funding at a €3B valuation. 

The Austrian company will use the funding to enter a minimum of six markets this year, including new regions such as the US, Asia-Pacific, and the MENA-Region. GoStudent operates an affordable digital school connecting students with the best teachers globally for individual or group tutoring sessions.

“At GoStudent, our mission has stayed consistent since our founding: to unlock the potential of every student worldwide by enabling students to feel supported in their academic journey,” said Felix Ohswald, Co-Founder and CEO of GoStudent. “The new funding will go towards GoStudent’s three central and strategic pillars: international expansion, product expansion through M&A, and increased market share in existing geographies.”

One-to-one, video-based tuition

Founded by Felix Ohswald (CEO) and Gregor Müller (COO) in 2016, GoStudent provides paid, one-to-one, video-based tuition to primary, secondary, and college-aged students in 30+ subjects, using a membership model.

At present, GoStudent offers tutoring in all school subjects, especially Maths, Physics, and English. Further, the company is expanding the offering for university students as well.

The company offers 6, 12, and 24-month tutoring subscription packages to students. 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.

Right now, the company is planning to grow and diversify its range of services through M&A. Notably, GoStudent acquired the all-in-one school communication app Fox Education in September 2021 to provide a cohesive and streamlined learning experience.

In terms of competitions, the Austrian edtech platform competes against Noon Academy, Masai School, Wikitechy, and Tutor.com.

Growth numbers

Last year, the company expanded into 16 countries, including overseas markets like Canada and Mexico, and opened 19 international office locations. 

Further, the platform has grown its team by +1k employees and +10k tutors. It also plans to increase its team further by the end of 2022. 

As per the company’s claims, the number of tutoring sessions booked monthly grew tenfold, while GoStudent recorded 150k tutoring sessions booked per month last January, it surpassed the 1.5M-mark by the end of 2021.

Investor

Based out of Amsterdam, Prosus is a consumer internet group and a technology investor that operates and invests in markets with long-term growth potential.

“GoStudent has built a highly scalable business offering a superb customer experience. The company is creating a leading global platform for K12 education and the speed at which they are growing is impressive,” commented Fahd Beg, COO, Prosus EdTech. “We are living through a time when technology is transforming education globally and the inspiring vision of founders like Felix and Gregor will reshape how students learn in the future.”

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