Austrian online tutoring startup GoStudent increases its valuation

BERLIN (Reuters) – Austrian online tutoring startup GoStudent has raised 205 million euros ($ 244 million) in new funding to reach a valuation of 1.4 billion euros, it said on Tuesday, as the company benefits from the distance learning explosion induced by the pandemic.

GoStudent said it will use funds from investors such as DST Global, SoftBank and Chinese Tencent to boost global expansion beyond 18 European countries where it offers online video tutoring for students from kindergarten to high school. .

“At the heart of GoStudent is our mission to build the world’s # 1 digital school,” said co-founder and CEO Felix Ohswald.

GoStudent, founded in Vienna in 2016, runs over 400,000 tutoring sessions per month and its valuation has increased seventy-fold since 2020 after the COVID-19 pandemic sparked interest in providing education digital.

The company grew rapidly to reach over 500 employees and opened 12 offices. He plans to launch in Mexico and Canada this summer, doubling his team to more than 1,000 employees and 10,000 tutors by the end of the year.

Tencent was also among the investors in Beijing-based educational technology start-up Yuanfudao, which last year raised $ 2.2 billion in two rounds of financing that it said boosted the company’s valuation. to $ 15.5 billion.

($ 1 = 0.8400 euros)

(Reporting by Emma Thomasson, editing by David Goodman)

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