After it raised a massive €300 million funding in January this year, Vienna-based edtech unicorn GoStudent has been on a roll. The company is now ready to take on the U.S. market with its one-to-one video-based online tutoring. The highest valued edtech of Europe has now marked its entry in the U.S., with headquarters based in Austin, Texas.
The U.S. launch comes on the heels of its acquisition of the UK-based learning and revision platform Seneca Learning and Spain-based Tus Media Group, which offers an open marketplace for tutoring.
Regarding the market potential the Austrian edtech plans to capture in the new market, Laura Warnier, chief growth officer, GoStudent said: “The U.S. market potential of more than 50 million students between the ages of six and 18 is huge. We expect a high-quality tutor supply, due to the strong number of top universities and the fact that university students pursue side jobs while studying. We are also mindful that in the U.S., online learning is already trusted and established. This, paired with the fact that there are large rural areas where access to quality physical tutors is limited, and where online tutoring will be welcomed, makes for a promising launch.”
The company will grow its Austin-based team to more than 130 talents, spanning tutor management, customer success and sales. By the end of the year, it expects to reach a volume of 150,000 sessions booked per month across the country.
Recent market studies conducted by the platform in the U.S. reveal that more than 65 percent of surveyed parents have organised one-on-one tutoring for their child in the past 12 months and have paid an average of $68 per session. The typical price per session with GoStudent, depending on the package selected, is $41, which is 40 percent less than the U.S. average.
Felix Ohswald, co-founder and CEO of GoStudent said: “We offer access to high-quality education by using online solutions and by setting rates that are more easily affordable. Digitalisation has always helped to democratise industries and applying this logic to education is long overdue."
Sam Best, U.S. manager, GoStudent said: “Austin has a very attractive talent pool of multifaceted individuals. This makes it a very promising location for us to source talents fitting our culture in order to gain a leading position in the U.S. tutoring market.”
The platform currently operates in 23 markets, including numerous countries in Latin America and Europe, as well as Canada and Turkey.
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