One-to-one video-based learning platform GoStudent has raised €300M in Series D funding, just seven months after becoming Europe’s first edtech unicorn.
Led by new investor Prosus, the funding also received participation from Deutsche Telekom, SoftBank Vision Fund 2*, Tencent, Dragoneer, Left Lane Capital and Coatue.
The Vienna-based online tutoring provider has raised a total of +€590M since it was established during 2016. This latest round of funding cements their position as the highest valued K12 edtech company in Europe, at €3bn.
Education has seen a whirlwind of change, from remote classrooms to increased academic ambitions, and we believe there is a big opportunity to transform how students learn all over the world by expanding access to quality education. We are thrilled to receive support from both new and existing investors as we continue to revolutionise education worldwide – Felix Ohswald, co-founder and CEO of GoStudent
The funding will go towards GoStudent’s three strategic pillars:
- Expanding education services across the globe: GoStudent wants 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: The platform plans to acquire best of breed K12 education services and products to create a cohesive and streamlined learning experience, something they have already begun to explore through their acquisition of all-in-one school communication app Fox Education in September 2021.
- Increasing market share in existing geographies: The goal of increasing penetration in areas where tutoring services are highly fragmented and traditionally offline remains a priority.
Co-founder and COO of GoStudent Gregor Müller comments: “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.”
Last year, the virtual tutoring provider expanded to 16 countries, reaching an overseas market and opening 19 international office locations.
Tutoring sessions booked monthly also grew tenfold, surpassing the 1.5M-mark by the end of 2021.
“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,” said Fahd Beg, COO of Prosus.
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