The Austrian online tutoring company GoStudent has secured another financing round of 300 million euros. With the cash injection, the start-up will now be valued at three billion euros, GoStudent announced on Tuesday in Vienna.
The company had already collected 205 million euros last June and thus achieved the status of “unicorn”, ie a valuation of over one billion euros as a non-listed company. The current financing round is led by the new investor Prosus. The Dutch investment company is one of the world’s largest technology investors. Other donors include the Telekom Innovation Pool (Deutsche Telekom), SoftBank Vision Fund 2 and the Chinese Internet company Tencent.
The new financing round should strengthen the three central and strategic pillars of GoStudent. These are international expansion, product expansion through mergers and acquisitions and the expansion of market shares in existing regions, explained Felix Ohswald, co-founder and head of GoStudent. “To achieve its goal of becoming the world leader in tutoring, GoStudent will continue to drive rapid global expansion and expand into numerous new countries with significant market potential.”
This year, GoStudent will enter at least six new markets, including regions such as the US, Asia-Pacific and the Middle East / North Africa region. Last year, GoStudent expanded into 16 countries, including Canada and Mexico. The workforce was increased by 1,000 employees and 10,000 tutors. The number of tutoring units booked per month has increased tenfold: While GoStudent recorded 150,000 tutoring units booked per month in January last year, the 1.5 million mark was exceeded at the end of 2021.