GoStudent, an online tutoring platform providing individual as well as group learning sessions, has raised €8.3 million in a Series A funding round led by Left Lane Capital, a venture capital and early growth equity firm based in New York.
London-based venture capital firm DN Capital joined the round alongside the company’s existing investors. And, the founders of Swoodoo and HomeToGo participated as strategic partners.
Founded in 2016, GoStudent is revolutionizing the way tutoring works. It connects students with the best teachers worldwide and provides both one-on-one and group tutoring sessions. The platform uses an AI-based diagnosis test to identify the true need of students and identifies the ideal tutor, ensuring that the best possible tutor is matched with each student as per their capabilities and learning needs.
GoStudent’s classes are digitally taught live in a virtual classroom setting, removing the burden of all tedious and unimportant administrative tasks. It currently offers 6, 12, and 24-month tutoring subscription packages in 14 school subjects to students in the DACH region. The platform also offers a free social homework chat, allowing students to discuss their questions with others in an easy and secure environment. GoStudent claims to book over 55,000 monthly sessions with more than 1,100 active tutors on its platform.
Commenting on the funding, Felix Ohswald, Founder and CEO, GoStudent, while expressing his excitement, said the investment is a strategic move for the future for the company.
“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. 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.
The company plans to utilize the latest financing to accelerate new customer and tutor acquisition in the German-speaking region, further develop its product, and expand its footprint to other European markets.
Harley Miller, Managing Partner at Left Lane Capital, also commented on the investment saying,
“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. 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.”
Meanwhile, the latest funding has taken GoStudent’s total raised to €12.3 million to date.
