Vienna-based start-up GoStudent has completed a €70 million Series B round led by new investor Coatue, together with the existing partners Left Lane Capital and DN Capital.
The new financing round was completed four months after a Series A top-up. GoStudent received a total investment of €13.3 million last year.
In the past few months GoStudent said it has expanded its team to more than 300 employees and opened new offices in Lyon, London, Madrid, Düsseldorf, Berlin and Milan, with additional locations being added in Athens, Istanbul and Amsterdam in the next three months.
GoStudent stated the funding will be used to promote its presence in major tutoring markets such as France, Spain, Italy, Great Britain, Ireland, Turkey and Greece. It will also invest heavily in branding and product improvement. By the end of the year, the company said it wants to be active in at least 15 European countries and expand to employ more than 800 staff and 10,000 tutors.
Felix Ohswald, co-founder and chief executive of GoStudent, said: “The Series B investment makes us the best financed B2C ed tech start-up in Europe. We are pleased about the trust of our existing and new investors and their support on our way to revolutionise education worldwide. Our growth targets for this year are enormous – the investment of €70 million enables us to position GoStudent as the top player in Europe for high-quality education and to make it widely accessible.”
Gregor Müller, co-founder and chief operating officer of GoStudent, added: “Conquering Europe is only the first step. Our mission is to build the leading global school to help all students reach their full potential. In the medium term, we want to become the largest education company in the world.”
Laura Warnier, GoStudent’s chief growth officer said: “By connecting students with the ideal teacher, we solve a significant problem. This year in particular we will be an important partner for parents in order to combat the educational deficits of their children, caused by school closings and inefficient homeschooling across Europe. By the end of 2021 we want to offer our digital one-to-one tuition in more than 15 countries.”
Harley Miller, managing partner at Left Lane Capital and board member of GoStudent, said: “As an investor, we are delighted to see how successfully GoStudent is expanding across Europe and offering numerous students an affordable, high-quality education. The pace at which GoStudent is doing this is extraordinary.”
Date published: 6 April 2021