EdTech unicorn to continue hypergrowth on its mission to become a leading, global education platform
Vienna / London, January 11, 2022: Vienna-based GoStudent, which provides one-to-one video-based online tutoring, raised €300M in Series D funding led by new investor Prosus, with additional participation from Deutsche Telekom, SoftBank Vision Fund 2, Tencent, Dragoneer, Left Lane Capital and Coatue. The funding comes just seven months after GoStudent became Europe’s first EdTech unicorn, raising a Series C round of €205M in June 2021. Since the company was founded in 2016, it has raised a total of +€590M, and this new round strengthens its position as the highest valued K12 EdTech company in Europe with a €3BN valuation.
“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. italic text 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.
Expanding education services across the globe: To achieve its goal of becoming the world leader in the tutoring space, GoStudent will continue driving fast global expansion, expanding to several new countries that demonstrate a significant market opportunity. GoStudent plans to enter a minimum of six markets this year, including new regions such as the US, Asia-Pacific and the MENA-Region.
Growing education offering through M&A: GoStudent is proactively aiming to grow and diversify its range of services through M&A. To enhance the learning experience of K12 students, GoStudent plans to acquire best of breed K12 education services and products to create a cohesive and streamlined learning experience. GoStudent took the first step in expanding its services by acquiring the all-in-one school communication app Fox Education in September 2021.
Increasing market share in existing geographies: GoStudent will continue to invest in existing regions with the goal of increasing penetration in areas where tutoring services are highly fragmented and traditionally offline. “Our goal is to disrupt traditional perceptions of the tutoring industry by demonstrating to parents the advantages of choosing a carefully selected online tutor, in turn significantly improving the student learning experience,” says Gregor Müller, Co-Founder and COO at GoStudent.
“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.”
In 2021, GoStudent expanded to 16 countries, including overseas markets like Canada and Mexico, and opened 19 international office locations. Over the past twelve months, the company has grown its team by +1k employees and +10k tutors and plans to increase its team further by the end of 2022. 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.
Press images can be downloaded here.
About GoStudent: GoStudent is one of the world-leading online tutoring providers and, with a €3BN valuation, Europe’s highest valued EdTech company. GoStudent was founded in Vienna in 2016 by Felix Ohswald (CEO) and Gregor Müller (COO). Currently, GoStudent is serving customers in 22 countries. Via its platform, GoStudent provides paid, one-to-one, video-based tuition to primary, secondary and college-aged students in 30+ subjects, using a membership model. Various investors such as Prosus and SoftBank Vision Fund 2 have already invested a total of +590 million euros in the rapidly growing platform. GoStudent employs more than 1,300 people and works with +15,000 tutors. Over 1.5M tutoring sessions are booked each month. Learn more here: www.gostudent.org.
About Prosus: Prosus is a global consumer internet group and one of the largest technology investors in the world. Operating and investing globally in markets with long-term growth potential, Prosus builds leading consumer internet companies that empower people and enrich communities. The group is focused on building meaningful businesses in the online classifieds, food delivery, payments and fintech, and education technology sectors. Through the Prosus Ventures team, the group invests in new technology growth opportunities within logistics, fintech, health, blockchain, social and ecommerce platforms, agriculture and more. The team actively backs exceptional entrepreneurs who are using technology to improve people’s everyday lives. Each month, more than 2 billion customers across the globe use the products and services of companies that Prosus has invested in, acquired or built. To find out more, please visit www.prosus.com.
Media contact: Kristina Bassett I UK/IE PR & Communications at GoStudent M: +44 786 914 3214 I E: [email protected]