Recent from elevating a $244 million Sequence C (that valued the corporate then $1.7 billion) again in June, K12 on-line tutoring market GoStudent has now raised a $340 million Sequence D spherical led by new investor Prosus, an Amsterdam-based funding agency finest recognized for investing in Latin American and US-based LatinX web properties. GoStudent expanded to Mexico this 12 months.
Additionally taking part was Deutsche Telekom, SoftBank Imaginative and prescient Fund 2, Tencent, Dragoneer, Left Lane Capital and Coatue.
That makes $669M raised since GoStudent was based in Vienna in 2016, giving it a notional $3.5BN / €3BN valuation.
In a press release, Felix Ohswald, Co-Founder and CEO of GoStudent mentioned: “Training has seen a whirlwind of change, from distant lecture rooms to elevated educational ambitions, and we consider there’s a large alternative to remodel how college students study everywhere in the world by increasing entry to high quality training.”
The brand new funding shall be used for worldwide growth, product growth via M&A, and elevated market share in present geographies, mentioned the corporate.
Fahd Beg, COO, Prosus EdTech, mentioned: “GoStudent has constructed a extremely scalable enterprise providing an excellent buyer expertise. The corporate is creating a number one international platform for K12 training and the pace at which they’re rising is spectacular. We live via a time when know-how is reworking training globally and the inspiring imaginative and prescient of founders like Felix and Gregor will reshape how college students study sooner or later.”
In 2021, GoStudent expanded to 16 nations, together with Canada and Mexico, and opened 19 worldwide workplace areas.
The corporate mentioned it plans to enter a “minimal” of six markets this 12 months, together with new areas such because the US, Asia-Pacific, and the MENA area; develop and diversify its vary of providers via M&A (it acquired the all-in-one faculty communication app Fox Training in September 2021), and put money into present areas the place tutoring providers are “extremely fragmented and historically offline”.
GoStudent is browsing a wave of curiosity in EdTech following the Covid-19 pandemic, which pressured college students into on-line studying, and subsequently grew to become seen as a way more environment friendly approach to get tutoring (in addition to being Covid-safe). Along with GoStudent, Kahoot!, the Norwegian gamified studying platform, is one other European EdTech unicorn.
After an ancient times of experimentation with enterprise fashions, GoStudent began to focus extra squarely on one-to-one tutoring. It now lets college students and their dad and mom decide tutors for common tutoring or particularly with the purpose of taking an examination. Tutors are examined, vetted, and interviewed by GoStudent earlier than they’ll be part of the platform. That technique and the pandemic have come collectively to create an ideal alternative for the corporate – and every other EdTech startup.