Vienna-based GoStudent, an e-learning startup, has secured 5 million euros in funding. Left Lane Capital and DN Capital led the round.
Vienna 18.11.20: Vienna-based e-learning start-up GoStudent successfully topped up the Series A round, led by Left Lane Capital and DN Capital, by another €5M. The increase in investment since the initial Series A funding in June 2020 indicates strong conviction in the continued growth of the online education start-up.
Rapid expansion across Europe
Since the early summer, GoStudent has expanded from the DACH region to other key European markets including France, Belgium, Luxembourg and Spain, with imminent plans to extend its footprint across Europe, the US and Latin America.
GoStudent operates an affordable digital school connecting students with the best teachers worldwide for individual and group tutoring sessions. The company offers 6, 12, and 24-month tutoring subscription packages to students of all ages. The company provides software tools to both students and teachers, allowing each party to focus entirely on teaching, tutoring, and learning, while removing the burden of all tedious administrative tasks. The data-driven startup uses AI to support its rigorous tutor selection and onboarding processes, ensuring that the best possible tutor is matched with each student. GoStudent also offers a free social homework chat where students can discuss their questions with others in an easy and safe environment.
Investment in the future of education
GoStudent has shown impressive growth over the last couple years – not only just amidst the Covid-19 pandemic – highlighting the need and use-case for an accessible and extensive digital learning platform. The company was solving a fundamental problem in online education in the DACH region prior to the pandemic, but also stands to be a clear category winner as the global education system returns to normal. GoStudent currently books 100k+ monthly sessions across its customer base with 2,000+ active tutors on the platform.
The financing will be used primarily to expand the geographic footprint of GoStudent beyond its current core markets.
“We are thrilled that our lead investors believe that GoStudent is a smart investment for the future of education and decided to double down on their investment. During the current crisis, GoStudent became an eye-opener for parents across Europe and showed that online tutoring is the key to making high quality education widely accessible. Because our customers are not locally bound to tutoring services anymore, kids of all backgrounds and ages can be connected to exclusively the best tutors through our virtual classroom. GoStudent has earned the support from over 8,000 clients so far. By next year, we aim to grow beyond Europe to revolutionize the tutoring market in the USA and Latin America. ” says Ohswald.
“We are honored to expand our partnership with such mission-driven and humble entrepreneurs. GoStudent has already expanded from the DACH region and will soon be helping students all across Europe”, said Harley Miller, Managing Partner at Left Lane Capital. “GoStudent’s high quality, yet affordable solution is bringing many students into the world of online education for the first time. They have the opportunity to spearhead the European ed-tech movement in what has been a highly-fragmented, traditionally offline market,” says Vinny Pujji, Partner at Left Lane Capital, who will join as an additional board member for Left Lane.
“We are very impressed by the quality of the team and the traction to date at GoStudent. With favorable customer and tutor satisfaction metrics, a strong focus on superior learning outcomes, and very attractive unit economics, the business is well positioned to emerge as the winner in online tutoring in Europe”, says Nenad Marovac, Managing Partner & CEO at DN Capital, who has also joined the Board of Directors.
GoStudent is a digital learning platform for online teaching and the future of tutoring. GoStudent has 130+ full-time employees in the Vienna and Lyon offices. The ed-tech start-up was founded in 2016 by Felix Ohswald (CEO) and Gregor Müller (CCO) in Vienna and is active in the DACH area, Spain, France, Belgium and Luxembourg. Via its platform, GoStudent offers paid individual and group lessons. Classes are taught on computers or mobile devices. The students and teachers see and hear each other live in a virtual room. GoStudent supports integrated functions such as the digital blackboard and screen sharing, and individual learning plans are created and tailored for each student. GoStudent offers courses for all school subjects, and the tutors are typically graduate students and teachers with expertise in the respective subject.
Investors including DN Capital, SpeedInvest and Left Lane Capital have invested a total of €15M in the rapidly growing ed-tech platform so far.
About DN Capital
DN Capital is a leading European early stage venture capital firm with operations in London, Berlin and Silicon Valley. The firm focuses on Seed, Series A and select Series B investments in software, fintech, marketplace, consumer internet and digital health companies. DN Capital’s mission is to support entrepreneurs in creating global category leaders. Some of DN’s top performing companies include:
Shazam (sold to Apple), Endeca (sold to Oracle), Auto1 (Europe’s largest used-car marketplace), OLX (sold to Naspers), Remitly (North America’s largest independent digital remittance platform) and Quandoo (sold to Recruit).
About Left Lane Capital:
Left Lane Capital is a New York-based venture capital and growth equity firm, investing in high-growth consumer internet and technology companies that build lasting relationships with customers. Investing in Series A, B and C stage companies, the firm aims to partner with extraordinary entrepreneurs creating category-defining business that are fundamental to the human condition and spirit.