Vienna, Austria-based GoStudent, an edtech startup has raised €70M in its Series B round of funding from new investor Coatue together. In addition, existing investors including Left Lane Capital and DN Capital also participated in this round.
The investment follows GoStudent’s €8.3M Series A round which happened just four months ago. And now, with the current Series B round, the startup claims to have become the best-financed B2C education startup in Europe.
In 2020 alone, GoStudent received a total investment of €13.3M. Various investors such as Speedinvest, Left Lane Capital, DN Capital, and Coatue have already invested a total of €86M in the rapidly growing platform.
Funds for ambitious growth projects & expansions
Speaking on the development, Felix Ohswald, co-founder & CEO of GoStudent, says, “Our growth targets for this year are enormous – the investment of €70M enables us to position GoStudent as the top player in Europe for high-quality education and to make it widely accessible.”
The capital will help GoStudent in promoting internationalisation and to strengthen its presence in major tutoring markets such as France, Spain, Italy, Great Britain, and Ireland; and in the near future, Turkey and Greece, among other countries.
Besides, GoStudent will also invest in branding and product improvement. The company aims to be operational in at least 15 European countries by the end of this year, and expand the team to over 800 employees and more than 10,000 tutors.
Nenad Marovac, Managing Partner & CEO at DN Capital and Board member of GoStudent mentioned, “Demand for the company’s product is proven given the lightning-fast growth the company is experiencing; over 800 per cent in 2020.”
Market leader in the field of “online tutoring”
Founded by Felix Ohswald and Gregor Müller in 2016, GoStudent is a digital learning platform for online teaching and the future of tutoring. The edtech startup offers paid individual courses for all school subjects via the platform.
Lessons take place via the computer or via mobile devices, which means that students and tutors can see and hear each other live in a virtual room. Integrated functions such as a digital board or screen transmission are also used.
In the last few months, GoStudent has expanded its team to over 300 employees and gets booking over 250,000 tutoring units every month.
With new offices in Lyon, London, Madrid, Düsseldorf, Berlin, and Milan, GoStudent says it will expand to additional locations including Athens, Istanbul, and Amsterdam in the second quarter of 2021.
Laura Warnier, GoStudent’s Chief Growth Officer says, “By connecting students with the ideal teacher, we solve a significant problem. This year in particular we will be an important partner for parents in order to combat the educational deficits of their children, caused by school closings and inefficient homeschooling across Europe. By the end of 2021, we want to offer our digital one-to-one tuition in more than 15 countries.