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Softbank and Tencent are among the leading investors in Europe’s first Edtech Unicorn, GoStudent.Vienna’s five-year-old start-up, GoStudent has received funding of 4 million from one of its primary investors SoftBank and Tencent. Consequently, GoStudent has been hailed as the first Edtech unicorn in Europe, which is estimated at .7 billion.A unicorn is a private company that is priced over billion. The term Unicorn is majorly attributed to ‘startups’; i.e they neither incorporate post-exits/procured firms nor the mature incumbents. As of 2021, 26 EdTech Unicorns across the globe have comprehensively raised over billion of overall investment from the previous ten years and are presently estimated at billion. The digital school which connects students to teachers in a
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Softbank and Tencent are among the leading investors in Europe’s first Edtech Unicorn, GoStudent.
Vienna’s five-year-old start-up, GoStudent has received funding of $244 million from one of its primary investors SoftBank and Tencent. Consequently, GoStudent has been hailed as the first Edtech unicorn in Europe, which is estimated at $1.7 billion.
A unicorn is a private company that is priced over $1 billion. The term Unicorn is majorly attributed to ‘startups’; i.e they neither incorporate post-exits/procured firms nor the mature incumbents. As of 2021, 26 EdTech Unicorns across the globe have comprehensively raised over $16 billion of overall investment from the previous ten years and are presently estimated at $79 billion.
The digital school which connects students to teachers in a virtual learning environment has been pitted against the Norweigan competitor Kahoot which was priced at $1 billion, but this won’t be taken into consideration as the firm went public two years ago.
The venture-backed Edtech platform was started by Felix Ohswald in 2016. In an interview, the 25-year-old founder stated his love for Mathematics. His inspiration was his grandfather who took his math classes, and ‘educated in a way that was applicable in real life.’ The young entrepreneur believes that the major hurdle in the process of teaching is the dearth of great teachers.
GoStudent is an online K-12 Edtech platform, wherein students can find tutors and avail their lessons. The home page of GoStudent’s website presents testimonials by students and teachers. The all-in-one platform enables you to schedule sessions, replace tutors and carry out the payment on the same site. GoStudent sessions are priced between $20 to $32 monthly.
The website boasts of a staggering percentage of 95% success rates, with 10,000 pupils enrolled in the sessions. It has more than 1500 teachers administering about 14 subjects. The firm, which is as of today conducting 400,000 classes a month, is set to skyrocket its services to 800,000 by the end of 2021. Since the acceptance rate to become a teacher is hard, only 8% of the applicants actually get selected.
A few months ago, GoStudent was entangled in contention when a sexagenerian who was prohibited from teaching due to a case of sexual harassment, was found conducting classes on the website. Soon after, the person was removed from the site when the company became conscious of his identity.
The Austria-based startup has now expanded to 18 countries, with a 700% year-on-year increment. Hoping to increase the number of its employees, it is expected to reach 10,000 teachers by the end of the year. The firm is also chalking out a plan to expand its services to Mexico and Canada. With the pandemic pushing the students to continue their education remotely, online teaching sites are seeing a drastic increase in demand for their services.
