Vienna-based GoStudent, which connects students to tutors on a virtual learning platform, has raised a €70 million Series B funding round led by new U.S. investor Coatue. Coatue has been making "raids" into the European startup scene for the past year or so. It was joined by existing investors Left Lane Capital and DN Capital. This brings the total amount raised to €83.3 million.
GoStudent competes with offline players like Schülerhilfe in Germany and Acadomia in France, which focus on small-classes in learning centers. By doing it online, GoStudent can introduce cost savings for users. It also competes where tutors advertise in traditional marketplaces like classified ads. The offering is similar to Chinese players like Zhangmen, VIPKid and TAL Education.
The investment will be used for growth and expansion into international markets such as Turkey and Greece. GoStudent is aiming for 15 countries across Europe and to grow its team to 800+ employees and 10,000+ tutors. It claims that more than 250,000 tutoring sessions are booked every month on its platforms.
Felix Ohswald, co-founder and CEO of GoStudent, said in a statement: “The series B investment makes us the best-funded consumer K12 education start-up 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 of 70 million euros will enable us to position GoStudent as the top player in Europe for making high-quality education widely accessible.”
Harley Miller, managing partner at Left Lane Capital 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.”
Nenad Marovac, managing partner and CEO at DN Capital, said: “We believe that GoStudent can be the dominant winner in online tutoring in Europe, by leveraging technology GoStudent democratizes quality education to all.”