Vienna-based online tutoring marketplace GoStudent has raised over $82 million in a Series B funding round led by new investor Coatue.
The round was joined by existing investors Left Lane Capital and DN Capital. The new funding comes few months after the company had raised its Series A.
The company took to Twitter and announced the investment in a tweet:
? We’ve received an impressive 70M€ Series B #investment from our new investor Coatue together with our existing investors @LeftLaneCapital and @DNCapital! Thank you for building the top-of-mind tutoring brand in Europe with us! #edtech #startup
? https://t.co/4J4UjAbmPC pic.twitter.com/Jly3ldMVCk
— GoStudent (@GoStudent1) March 30, 2021
Founded in 2016 by Felix Ohswald and Gregor Müller, GoStudent connects students to carefully selected tutors on a virtual platform and enables them to learn in a one-on-one classroom setting. The startup currently has its presence in 10 European countries and is a market leader in revenue for K-12 online tutoring in Europe. GoStudent claims that more than 250,000 tutoring sessions are booked every month on its platform.
Commenting on the funding, Felix Ohswald, Co-founder and CEO, GoStudent, said in a statement,
“The Series B investment makes us the best-funded consumer K12 education startup in Europe! We are thrilled to receive such high confidence from existing and new investors on our way to revolutionize education worldwide. Our growth targets this year are enormous – the investment 70 million euros will enable us to position GoStudent as the top player in Europe for making high-quality education widely accessible.”
The company said the new investment will be utilized for growth and expand its operations across Europe and international markets such as Turkey and Greece. GoStudent aims to have its presence in at least 15 countries across Europe and grow its team to 800+ employees and 10,000+ tutors by the end of this year. The company also plans to invest in branding and product improvement.
Harley Miller, Managing Partner, Left Lane Capital, and Board member, GoStudent, said,
“It’s been an exciting journey as an investor to see GoStudent expand so elegantly across Europe, offering affordable yet high-quality education to the masses. The pace at which they’re executing is extraordinary.”
Nenad Marovac, Managing Partner and CEO, DN Capital, also commented,
“We believe that GoStudent can be the dominant winner in online tutoring in Europe, by leveraging technology GoStudent democratizes quality education to all. The demand for the company’s product has been proven given the lightning speed of growth that the company is experiencing, over 800% in 2020.”
GoStudent has expanded its team to over 300 employees and opened up new offices in Lyon, London, Madrid, Dusseldorf, Berlin, and Milan over the past months. The company plans to open new offices in Athens, Istanbul, and Amsterdam in the second quarter of this year.