GoStudent, the Vienna-based edtech scaleup providing video-based online tutoring has hit unicorn status, following a successful Series C funding round of €205 million. With a new valuation of €1.4 billion, it has become the highest valued K12 Ed-Tech company in Europe to date. With a presence in 18 countries, it continues to strengthen its position as the market leader for K-12 online tutoring in Europe. In addition to further developing its presence in Europe, they are also expanding overseas, and are planning to launch in Mexico and Canada this summer. 1 Global Digital School. The round was led by DST Global with participation from investors including SoftBank Vision Fund 2, Tencent, Dragoneer, Coatue, Left Lane Capital, and DN Capital.
Founded in 2016, this digital learning platform brings students of all ages together with carefully selected teachers in a virtual one-on-one classroom setting. They have been proved very popular with many parents, especially during the pandemic, which has motivated the co-founders Felix Ohswald and Gregor Müller to continue the scaleup’s rapid growth.
The scaleup’s fresh funding comes 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, they have now become the highest valued K12 Ed-Tech company in Europe to date.
The investment will primarily be used to further drive global expansion. It will continue to strengthen its position as the market leader for K-12 online tutoring in Europe. Over the past few 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 its presence in Europe, it is also 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. It grows approximately 15% month-over-month and books more than 400,000 tutoring sessions each month. By the end of 2021, it aims to be 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: “Our mission is to build the No. 1 Global Digital School.” He also added that “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 added: “We are thrilled to receive such support from both existing and new investors as we continue our mission to revolutionize 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”.