Austria-based online tutoring startup GoStudent has raised US$ 244 million (205 million euros) in a Series C investment round led by DST Global on 22 June 2021.
Investors: The Series C investment round featured DST Global as the lead investor, along with involvement from SoftBank Vision Fund 2, Tencent, Dragoneer and current investors Coatue, Left Lane Capital and DN Capital. With these new investments, GoStudent has been acknowledged as a unicorn in Europe, estimated to be valued at US$ 1.67 billion.
Purpose of the funding: GoStudent seeks to deploy the proceeds from the new funding round for growing its reach in Europe, expanding overseas, entering the Mexico and Canadian market this summer, and investing in advertising, product development and first acquisitions.
About GoStudent
Founded in Vienna in 2016 by Felix Ohswald, Ferdinand von Hagen, Gregor Muller and Moritz Ohswald, GoStudent is an online service that connects students between the ages of six and 19 with private tutors in 18 countries. The company offers live and paid online tutor services to students pursuing primary, secondary, and higher education in more than 20 subjects through its platform. The company has a staff of over 500 people, employing 5,500 teachers and has launched 12 offices in different parts of the world. Given the boom in the online education sector, the company is estimated to employ 10,000 teachers by the end of the year.
What the Founder has to say: “An inadequate number of good teachers in the job market is a great shortcoming for education. Surprisingly, Covid-19 school closures had resulted in a decline in demand for “supplemental” teaching services like GoStudent. The pandemic completely transformed consumer behaviour and preferences for online tutoring. Abruptly, parents not in favour of online learning before the pandemic have started giving it a try. We aim to implement our plans aggressively and seek to invest in branding.”- Felix Ohswald, Founder of GoStudent.
What the Investors have to say: “GoStudent is one of the fastest-growing startups that we have ever supported. In terms of revenue, the company has witnessed 800% growth, and we are confident that these numbers will grow in future. GoStudent has the potential and resources to become one of the top digital schools in the world. With support from technology, GoStudent allows access to quality education to everyone at cost-effective prices.”- Nenad Marovac, Founder and Managing Partner, DN Capital.
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