Austrian edtech GoStudent raises $95M to expand into DACH region
Vienna-based GoStudent has raised $95 million in equity and debt funding to expand its hybrid learning solutions to the DACH region, according to TechCrunch. The round saw participation from Deutsche Bank, Left Lane Capital, DN Capital, Tencent, DST, Coatue, and Softbank Vision Fund 2.
- GoStudent, an edtech unicorn and global leading tutoring provider, that was founded in 2016 by Felix Ohswald and Gregor Müller. The company is valued at €3 billion. Since launching, GoStudent has raised more than €590 million from investors, including €13.3 million Series A round in 2020.
- The company employs more than 1,500 people and supports more than 5 million families each month. Over the past two years GoStudent has made the acquisition of three edtech companies — Seneca Learning, Tus Media, Fox Education, and offline tutoring business, Studienkreis.
- Currently, GoStudent has around 23,000 tutors on its platform and develops an “AI lesson plan generator” trained on the local curriculum. The idea aims to save each tutor an average of 15 minutes per lesson.
- The round is a mix of equity and debt capital. Among investors are Deutsche Bank, US venture capital firm Left Lane Capital, London-based DN Capital, a global early-stage venture firm, Tencent, Chinese multinational technology and holding company, DST, global leading Internet investment firm, Coatue, an American technology-focused investment manager, and Softbank Vision Fund 2.
- GoStudent will use the fresh funding to expand its hybrid learning solutions to the DACH region. This means to increase more online and offline educational support and usage of its GoVR — GoStudent’s newly launched virtual reality language learning platform.