GoStudent, an Austrian ed-tech company, announced today that it has raised an additional €70 million in a Series B funding conducted recently in support of its expansion plans.
Coatue is a global technology-focused investment manager led by Founder and Portfolio Manager Philippe Laffont.
The new financing round was completed just four months after the Series A top-up in 2020 where GoStudent received a total investment of €13.3 million.
The additional funding will help promote GoStudent’s internationalization and to strengthen its presence in major tutoring markets such as France, Spain, Italy, Great Britain, and Ireland. The firm also plans to expand in Turkey and Greece in the first half of 2021.
By the end of the year, the company wants to be active in at least 15 European countries and expand the team to over 800 employees and more than 10,000 tutors.
“The Series B investment makes us the best-financed B2C Ed-Tech start-up in Europe! We are pleased about the trust of our existing and new investors and their support on our way to revolutionize education worldwide. Our growth targets for this year are enormous – the investment of 70 million euros enables us to position GoStudent as the top player in Europe for high-quality education and to make it widely accessible,” said Felix Ohswald, co-founder and CEO of GoStudent.
GoStudent Co-founder and COO Gregor Müller said expanding in Europe is just the first step in their mission to build the leading global school to help students reach their full potential and become the ‘largest education company in the world.’
With over 250,000 booked tutoring hours per month and a market presence in 10 European countries so far, GoStudent has now risen to become the European sales market leader for online tutoring in schools.
In the last few months, GoStudent has expanded its team to over 300 employees and opened new offices in Lyon, London, Madrid, Düsseldorf, Berlin, and Milan. Additional locations in Athens, Istanbul, and Amsterdam will be added in the second quarter of 2021.
“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,” Laura Warnier, GoStudent’s Chief Growth Officer said.
Harley Miller, managing partner at Left Lane Capital and board member of GoStudent said that as an investor they are “delighted to see how successfully GoStudent is expanding across Europe and offering numerous students an affordable, high-quality education. The pace at which GoStudent is doing this is extraordinary.”
“GoStudent is at the forefront of the European ed-tech revolution in a highly fragmented, traditionally offline market,” added Vinny Pujji, another partner at Left Lane Capital and board member of GoStudent.
“We believe that GoStudent can be the leading player in online tutoring in Europe as Felix Ohswald and his team democratize quality education through the use of technology for all,” said Nenad Marovac, Managing Partner & CEO at DN Capital and Board member of GoStudent.
“Demand for the company’s product is proven given the lightning-fast growth the company is experiencing: over 800% in 2020,” Marovac added.