Online tutoring platform: GoStudent worth over three billion

Status: 11.01.2022 2:59 p.m.

With a valuation of one billion or more, start-ups are ennobled with the term “unicorn”. The Vienna tutoring platform GoStudent already brings it to three billion.

The Austrian online tutoring company GoStudent has raised EUR 300 million in a new financing round. With the cash injection, the start-up will now be valued at three billion euros, said GoStudent. The financing round is led by technology investor Prosus from Amsterdam. Other donors include Deutsche Telekom, Softbank Vision Fund 2 and the Chinese Internet company Tencent.

Goal: world market leader

The Viennese company had already collected 205 million euros last June and thus achieved the status of “unicorn”, ie a valuation of over one billion euros. The new funds are intended to serve the company’s strategic goal, says Felix Ohswald, co-founder and head of GoStudent: “In order to achieve the goal of becoming the world market leader in the field of tutoring, GoStudent will continue to drive rapid global expansion and expand into numerous new countries that have significant market potential. “

In the past year, GoStudent expanded into 16 countries according to its own information. The company is currently present in 22 countries, employs more than 1,300 people and 15,000 tutors. This year, GoStudent plans to open up at least six new markets, including the US, Asia-Pacific and the Middle East / North Africa region.

Online tutoring in pandemic times in demand

Members can use the platform to book online individual courses for a fee for all school levels and subjects. The pandemic is likely to have given the business idea another boost: According to GoStudent, the number of tutoring units booked each month increased tenfold in 2021. At the end of the year the 1.5 million mark was exceeded. The company has not yet released any more precise business figures.

Company boss Ohswald also keeps a low profile with regard to a possible IPO: “The IPO market environment is constantly changing, so this step is still a little difficult for us to predict.”

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