GoStudent builds $ 340M Series D funding round as it pushes into international markets - TechCrunch
New to a $ 244 million Series C build (which then valued the company at $ 1.7 billion) back in June, GoStudent's K12 online tutorial marketplace is now on the $ 340 Series D round. raise a million led by new investor Prosus, an Amsterdam - based investment company best known for. investing in LatinX and US LatinX internet properties. GoStudent expanded to Mexico this year.
Also participating were Deutsche Telekom, SoftBank Vision Fund 2, Tencent, Dragoneer, Left Lane Capital and Coatue.
That leaves $ 669M raised since GoStudent was founded in Vienna in 2022, giving it an estimated valuation of $ 3.5BN / € 3BN.
In a statement, Felix Ohswald, Co-Founder and CEO of GoStudent, said: “Education has seen a huge change, from remote classes to academic ambitions, and we believe there is a huge opportunity to transform the way we students learn all over the world. by expanding access to quality education. ”
The new funding will be used for international expansion, product expansion through M&A, and increased market share in existing areas, the company said.
Fahd Beg, COO, Prosus EdTech, said: “GoStudent has built a highly scalable business offering a truly excellent customer experience. The company is creating a major global platform for K12 education and the pace at which they are growing is impressive. We live in a time when technology is changing education across the globe and the inspiring vision of founders like Felix and Gregor will reshape how students learn in the future. "
In 2022, GoStudent expanded to 16 countries, including Canada and Mexico, and opened 19 international offices.
The company said it plans to enter the "bottom" of six markets this year, including new regions such as the US, Asia-Pacific, and the MENA region; grow and diversify their range of services through M&A (acquired the Fox Education all-in-one school communications app in September 2022), and invest in existing areas where tuition services are available "Very scattered and traditionally offline".
GoStudent is taking an interest in EdTech in the wake of the Covid-19 pandemic, which made students study online, and which has come to be seen as a much more effective way to get tuition (as well as safe for Covid). In addition to GoStudent, Kahoot !, Norway's gamified learning platform, is another EdTech European unicorn.
After an earlier trial period with business models, GoStudent began to focus more precisely on one-to-one tutoring. It now allows students and their parents to select tutors for general or specific tuition with the goal of taking an exam. Tutors will be tested, reviewed and interviewed by GoStudent before they can go on stage. That strategy and the pandemic have come together to create the perfect opportunity for the company - and any other EdTech startup.