StuDocu, an Amsterdam-based EdTech startup offering an online platform for students to exchange knowledge, announced that it has closed $50 million in a Series B funding round.
The funding round was led by Partech, a Paris-based global venture capital firm.
Established in 2013 by four students – Marnix Broer, Jacques Huppes, Lucas van den Houten and Sander Kuijk – StuDocu provides an online platform that allows students to share their study materials including lecture notes, summaries, and practice materials, and exchange knowledge with fellow students. It aims to empower everyone to excel in their studies by providing the tools to students who want to study more efficiently.
StuDocu claims to currently serves over 15 million students from 2,000 universities across 60 countries.
Speaking about the company and the latest development, Marnix Broer, Co-founder & CEO of StuDocu, said,
“StuDocu is now in a very strong position to accelerate our global roll-out which will bring us closer to reaching our goal of helping students worldwide make the most of their studies. Our top notch international team with our successful and profitable business model brought us to the very healthy state we’re in now. This investment is proof that we’re on the right track to complete our mission and will ramp up our steep growth trajectory. With Patech’s scale-up experience on-board StuDocu is set up well for reaching even more students with even better products in the years to come.”
StuDocu plans to use the fresh capital to accelerate its international expansion in markets including the UK, Germany, Canada, Australia, and the United States. With the investment, the company also plans to expand its product with new features and content, increase its team by hiring new talent, and also look for potential acquisitions, to achieve its mission to serve all 200 million college and university students globally.
Bruno Crémel, General Partner at Partech, said on the investment,
“StuDocu is a platform already helping millions of students around the world, and we’re excited to partner with this talented team in their mission to make education accessible to all. When we met the team at StuDocu, we were wildly impressed with their data-driven culture and by how much students really love using their services. We look forward to working closely with Marnix and his team as they accelerate StuDocu’s global expansion and develop even more innovative ways to support students in meeting their learning goals.”
This is StuDocu’s fourth funding round. It came after a year of growth wherein the company achieved over double the monthly active users. Previously, StuDocu raised funding in 2015, 2018, and 2019.
StuDocu uses ‘Freemium’ model – 80 percent of its documents are freely accessible to anyone and the top 20 percent of content with the highest quality is premium, which students have to pay for it. However, according to the company, students can view these premium documents by uploading their own study materials, and they don’t have to pay for them.
