The funding will help GoStudent expand its offerings and prepare for an IPO. Here are the top-line bullets you need to know.
GoStudent, an edtech platform, has raised $340M in a Series D. The round drew participation from SoftBank Group, Left Lane Capital, Prosus, Coatue Management, and Tencent Holdings, among others.
HOW’S THE COMPANY PERFORMING?
- Austria-based GoStudent offers K-12 tutoring services across 30 subjects to students up to 20 years of age.
- The company increased its sales by 700% last year, and its user base also grew by 10x over the same period.
- The company has 15K+ tutors that cater to students across 22 countries.
- It employs over 1,300 people across 19 global offices.
Source: GoStudent
WHY DOES THE MARKET MATTER?
- The education technology market is expected to reach a value of $377.9B by 2028, growing at a CAGR of 19.9%, according to Grand View Research.
- Global annual spending on education technology is projected to reach $342B by 2025, according to HolonIQ.
- Edtech solutions are increasingly being adopted to lower content production costs and increase geographical reach.
- The demand for virtual programming and online education has increased amid the pandemic, driving market growth.
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