GoStudent raises $340 million Series D funding round as it rushes into international markets – TechCrunch

New from raising $244 million in Series C (which the company estimated at $1.7 billion) in June, online tutoring marketplace for K12 GoStudent has now raised a $340 million Series D round led by new investor Prosus, an Amsterdam-based investment firm famous for its It invests in Latinx Internet properties located in Latin America and the United States. GoStudent is expanding to Mexico this year.

Deutsche Telekom, SoftBank Vision Fund 2, Tencent, Dragoneer, Left Lane Capital and Coatue also participated.

This makes $669 million raised since GoStudent was founded in Vienna in 2016, giving it a hypothetical valuation of $3.5 billion / €3 billion.

In a statement, Felix Ohswald, Co-Founder and CEO of GoStudent, said: “Education has seen a whirlwind of change, from remote classrooms to heightened academic ambitions, and we believe there is a significant opportunity to change how students learn around the world by expanding access to good education.”

The company said the new funding will be used for international expansion, expanding products through mergers and acquisitions and increasing market share in existing geographies.

Fahad Beg, COO of Prosus EdTech, said: “GoStudent has built a highly scalable business that delivers a great customer experience. The company is creating a leading global platform for K12 education and the speed at which it is growing is amazing. We live in a time when technology is changing education globally, and the inspiring vision of founders like Felix and Gregor will reshape how students learn in the future.”

In 2021, GoStudent expanded to 16 countries, including Canada and Mexico, and opened 19 international offices.

The company said it plans to enter a “minimum” of six markets this year, including new regions such as the United States, Asia Pacific and the Middle East and North Africa. Grow and diversify its services through mergers and acquisitions (acquired all-in-one school communications app Fox Education in September 2021) and investment in existing areas where tutoring services are “highly fragmented and traditionally disconnected.”

GoStudent is surfing a wave of interest in educational technology in the wake of the COVID-19 pandemic, which has forced students to learn online, and has subsequently come to be seen as a more efficient way to get private lessons (as well as being safe from the novel coronavirus). In addition to GoStudent, Kahoot! , Norwegian Learning Platform, is another European educational platform for educational technology.

After an earlier period of experimentation with business models, GoStudent has begun to focus more on one-on-one tutoring. It now allows students and their parents to choose teachers for general teaching or specifically for a test. Teachers are tested, vetted, and interviewed by GoStudent before they can join the platform. This strategy and pandemic have combined to create the perfect opportunity for the company — and any other edtech startup.

Leave a Comment