One-to-one video-based online tutoring platform GoStudent has raised €300 million in a Series D funding round. In yet another strong show of support, this round arrives just seven months post GoStudent becoming Europe’s first EdTech unicorn, and the new funding will be used to support global expansion efforts, strategic M&A activity, and improving the company’s market share in existing geographies. To date, the Vienna-based startup has raised just shy of €600 million.
With a presence in 22 countries and sitting at a €3 billion valuation, it would be hard to argue that GoStudent wasn’t the king of the online education hill. Over the past year alone, the Austrian company has grown its team size by over 1,000 employees and onboarded some 10,000+ tutors, numbers the scale-up aims to increase significantly by the end of this year.
At the same time, with its personalised one-on-one tutoring platform, GoStudent has seen a 10x growth in users across 2021, with 150,000 sessions booked in January 2021, to a whopping 1.5 million by year’s end 2021.
Moving forward, GoStudent plans on at least six new market entries this year in regions including the US, Asia-Pacific, and MENA areas. In addition to these new footholds, the scale-up reports that they’re actively seeking to broaden their product offer, specifically through a series of strategic mergers and acquisitions. An example of this activity was seen last September when the Wieners snapped up Fox Education.
“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. “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.”
GoStudent’s €300 million Series D funding round was led by new investor Prosus, with additional participation from Deutsche Telekom, SoftBank Vision Fund 2, Tencent, 1 Dragoneer, Left Lane Capital, and Coatue.