Vienna-based e-learning startup GoStudent has successfully closed an €8.3 million Series A round, led by Left Lane Capital. London-based DN Capital also joined the round alongside existing investors, and the founders of Swoodoo and HomeToGo participated as strategic partners.
GoStudent, founded in 2016, operates an affordable online school that connects students with the best teachers worldwide, for both individual or group tutoring sessions. Classes are digitally taught live in a virtual classroom setting, removing the burden of all tedious administrative tasks. To support its tutor selection and onboarding processes, it also uses artificial intelligence, ensuring that the best possible tutor is matched with each student. GoStudent additionally offers a free social homework chat where students can discuss their questions with others in an easy and safe environment.
Currently, the company offers 6, 12, and 24-month tutoring subscription packages to students in the DACH region, currently booking 55,000+ monthly sessions across its customer base with 1,100+ active tutors on the platform. Their next step? Expand their footprint to other European markets.
For this reason, the financing will be used primarily to accelerate new customer and tutor acquisition in the German-speaking region, further investments into product, and expand beyond its current core markets.
“We are excited about the successful investment and thrilled to welcome aboard such experienced investors and partners for our mission. The current crisis not only demands the need to drive forward the digitalization of the education system, but also clearly highlights the opportunity to supplement the existing traditional education system”, emphasizes Felix Ohswald, GoStudent founder and CEO. “For us, the investment is primarily a strategic move for the future. Our plan is to expand beyond the German-speaking countries by the end of the year,” says Ohswald.
“We are thrilled to partner with such humble and driven entrepreneurs on a mission to build a next-generation education technology company. The market is seeing a fast and permanent shift to online learning, and GoStudent is delivering on its promise to bring tutoring to the masses”, said Harley Miller, Managing Partner at Left Lane Capital. “The product that they offer is considerably more affordable, and yet still higher efficacy than the status quo. Unlike in Asia, and to a lesser extent in the US, tutoring in Europe has historically been stigmatized, but GoStudent is changing the paradigm and positioning tutoring as a proactive muscle that all students can and should exercise,” says Miller.