GoStudent, the school EdTech platform for online private classes, has skyrocketed its valuation to 3,000 million euros just seven months after achieving its unicorn status, after closing a new investment round worth 300 million euros in Series D.
The operation, which has been led by Prosus, the company’s new investor, with the participation of other investors such as Deutsche Telekom, SoftBank, Vision Fund 21, Tencent, Dragoneer, Left Lane Capital and Coatue; means that the company, already present in 22 countries, has an accumulated investment of more than 590 million euros since its creation in 2016.
International expansion, acquisitions and growth in mature markets
The objective of closing this new round of financing has three strategic pillars: promoting the international expansion of the brand, expanding the product portfolio through acquisitions and increasing its penetration in the markets where it is already present.
First of all, to continue building the first global school and become the reference for private classes, GoStudent will continue to promote its growth in new countries with business opportunities. In this sense, it aims to establish itself in at least six markets in regions such as the US, Asia-Pacific, the Middle East and Africa.
The company will bet on promoting and diversifying its products through possible acquisitions. Thus, keeping the commitment to offer the best education to school age students, GoStudent plans to acquire quality educational products and services to provide a cohesive and rational learning experience. GoStudent took the first step in this regard by acquiring Fox Education, a school communication app, last September.
In addition, GoStudent will continue to invest and grow in the 22 markets where it is already present, focusing and increasing its penetration in those areas where face-to-face education continues to be particularly entrenched.
“GoStudent’s mission hasn’t changed since the beginning: to develop the potential of every student,” says Felix Ohswald, CEO and co-founder of GoStudent. “Education has seen many changes, from remote classrooms to students’ increased academic ambitions, so we believe there is a tremendous opportunity to transform the way students around the world learn and expand access to quality education. We are excited to have the support of new and existing investors in our mission to revolutionize education around the world,” he says.
“Our goal is to transform the traditional perception of private tutoring by showing parents the benefits of choosing a carefully selected online teacher, which in turn significantly improves the learning experience for students,” says Gregor Müller, COO and co-founder of GoStudent. .
“GoStudent has built a highly scalable business that offers an excellent customer experience. They are creating a leading global platform for school education and the speed at which they are growing is impressive,” says Fahd Beg, COO of Prosus EdTech. “We are living in a time when technology is transforming education globally, and the inspiring vision of founders like Felix and Gregor will change the way students learn in the future,” he adds.
2021: First anniversary in Spain and unstoppable growth
The arrival of GoStudent in Spain, where it already has more than 100 employees, at the beginning of last year, was one of the 16 openings that the company carried out in 2021. Thus, in addition to opening offices in 19 locations in countries such as Canada or Mexico , among others, the company saw its workforce grow by more than 1,000 employees and create a community that already exceeds 15,000 teachers, and which will continue to grow during 2022. Finally, while the number of classes managed monthly was 150,000 at the beginning year, the company closed last year managing 1.5 million classes in December alone.