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The History of GoStudent: From Homework Chat to EdTech Unicorn

Contents

2015 - The problem-solving starts

2016 - Founding of GoStudent: App instead of WhatsApp chat

2017 - GoStudent reaches over 100,000 users

2018 - A new target group: from pupils to parents

2019 - A new business model for sustainable learning

2020 - From 40 to 160 employees and over 1,000 tutors

2021 - GoStudent expands to Europe and becomes a unicorn

2022 - GoStudent becomes the most valuable EdTech unicorn and goes global

What's next?

 

Over 20,000 tutors, tutoring in 24 countries around the world, teaching over 30 school subjects, more than 1.5 million tutoring sessions per month and a success rate of a staggering 95% - we're incredibly proud of what we've achieved at GoStudent so far! 

However, GoStudent started small. More precisely, in the basement of a sailing school in the Old Danube area of Vienna. Find out how it all began, how we grew and what our long-term goals are! Are you ready for the incredible success story of GoStudent? πŸš€ ⬇️

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2015 - The problem-solving starts

 

Behind GoStudent are CEO Felix Ohswald and COO Gregor MΓΌller. In 2015, Moritz - Felix's younger brother - identified a gap in his education experience. The then 15-year-old student saw first-hand how many of his classmates were struggling with school. 

Although almost two-thirds of all pupils need tutoring, there is one big problem: The lack of access to first-class, inspiring tutors who explain the school material in an understandable way and cater to the individual needs of their students. πŸ§‘πŸŽ“

That's why Moritz gave his schoolmates his older brother Felix’s phone number. So they can ask him questions via WhatsApp and quickly get educational help. Within a very short time, more and more pupils contacted the number, without any marketing at all. πŸ’¬

At first, Felix and Gregor answered the questions themselves, but as the demand grew, they asked fellow students for help. This is how the community of GoStudent tutors got its start. πŸ‘©πŸ«

As more and more students used the WhatsApp number, the homework chat exploded. Felix and Gregor realised that education is a huge industry that has been largely neglected in recent decades. However, WhatsApp is the wrong platform to be able to help as many students as possible. GoStudent needed its own app! πŸ’₯ ⬇️

 

2016 - Founding of GoStudent: App instead of WhatsApp chat

 

Because Felix and Gregor had no IT background, they fundraised from family and friends to set up their own GoStudent-app with an integrated chat function. 

The plan was for it to be ready for Back To School that year.. Because of the great demand, the app crashed right away! But the two are not discouraged and a valuable lesson was learnt! Basically, the crash only showed how many students needed help and how much potential the homework chat idea had! πŸ’¬

The service continued to grow and more and more students take advantage of the free tutoring thanks to the personal learning assistant. Unlike a Google search, which requires clicking through and sorting through results, with GoStudent's service students get a prompt response from experts. The fear of asking questions in class and making a fool of oneself is also eliminated with this inclusive approach. πŸ‘

 

2017 - GoStudent reaches over 100,000 users

 

GoStudent reached over 100,000 users and received 500,000 euros of investment in an angel investment round. More and more students asked whether the GoStudent tutors also give private lessons and the first paid tutoring session is booked! Felix and Gregor realised: To offer a successful and sustainable service, a chat is not enough. 

 

2018 - A new target group: from pupils to parents

 

With a platform of over 500,000 users, GoStudent develops a new business idea and defines a new set of customers. From this point on, GoStudent focuses on parents and expands its service. Now, 1:1 video lessons connect students and teachers online. A new business model is born! πŸ‘ͺ

In the past, private tutors were chosen mainly according to convenience: This teacher doesn't live far away, so I chose them. 🀨 

GoStudent disrupts this old tutoring model to offer the ideal tutor for every student no matter where they are! With online one-to-one tutoring, we match each student with the teacher who can best meet their individual needs! πŸ’―

Felix and Gregor open the first office in the basement of a sailing school in Vienna. And in the next round of financing, GoStudent secures an investment of 1.4 million euros.

 

2019 - A new business model for sustainable learning

 

Through the experience of the last few years, Felix and Gregor recognise the importance of sustainable learning. The new business model focuses on paid memberships with a duration of 6 to 24 months, weekly 1:1 online tutoring sessions, and a tutor chat for optimal student support. 

There was another milestone in 2019: the preparations for rapid growth. πŸš€ GoStudent trades the basement for a modern office in Vienna's 2nd district and the company expands how it works. 

 

2020 - From 40 to 160 employees and over 1,000 tutors

 

The business model is a complete success: GoStudent keeps growing and expanding. In no time at all, the education company also conquers France and Spain and opens its first international office in Lyon. The GoStudent team also grows rapidly and quadruples to more than 160 employees. πŸš€ 

The success course attracts further investors: Left Lane Capital and DN Capital invest 13.3 million euros in a Series A financing round. 

What do you do with such a large investment? Quite clearly, continue to grow! And fast: by the end of December, more than 150,000 tutoring sessions are already booked with GoStudent every month. 

 

2021 - GoStudent expands to Europe and becomes a unicorn

 

2021 is a year where GoStudent goes from strength to strength, even reaching Unicorn status. But let's take it one step at a time:

In the first quarter GoStudent continues its rapid growth and expands into the UK, Ireland, Italy, Greece, Turkey and the Netherlands - and that's just the beginning. New offices follow in DΓΌsseldorf, Berlin, Madrid, London, Milan, Athens, Istanbul, Amsterdam and Sofia. 

New investments are also coming: In March 2021, GoStudent secured 70 million euros in a Series B financing round. 

The second quarter continues as the first one ended: With a new Series C financing round of 205 million euros, GoStudent reaches a valuation of 1.4 billion euros becoming an EdTech unicorn and the most valuable start-up in Austria. πŸ¦„πŸ’ͺ (In business-speak, a "unicorn" is a company that has a particularly innovative business model model and is therefore classified as very valuable). 

In the third quarter GoStudent expanded outside Europe and into Canada, Brazil, Mexico, Chile, and Colombia. GoStudent further expands its footprint and opens its first office outside Europe in Mexico City. 

Growth also happens in terms of acquisitions: GoStudent acquires FoxEducation to better leverage its offering in the school sector. 🦊

The fourth quarter sums everything up: 22 markets, +1,000 employees and 10,000 tutors. 

 

2022 - GoStudent becomes the most valuable EdTech company & goes global

 

Only 7 months after the Series C investment, GoStudent received a record investment of 300 million euros and became the most valuable EdTech company in Europe. This doubles the company's value to 3 billion euros. Absolutely sensational! πŸš€

The new investment strengthens GoStudent's 3 strategic pillars: international expansion, product expansion through mergers and acquisitions, and market share growth in existing regions. 

In the first quarter, GoStudent acquired Seneca Learning and the Tus Media Group! In March 2022, GoStudent opened its first US location in Austin, Texas. πŸ“ˆπŸŒ

The team has now grown to +2,000 employees and +20,000 self-employed tutors. Over 1.5 million tutoring sessions are booked each month. 

But that is by no means the end of the story! πŸ”₯ ⬇️

 

What's next?

 

From the beginning, Felix and Gregor had a clear mission in mind: To build the No. 1 global school! As passionate advocates of quality education and a progressive education system, the GoStudent founders are committed to helping every child reach their full potential. ❀️ πŸ’ͺ

Do you want to be a part of GoStudent by revolutionising the education system and making quality education accessible to all? Then take a look at our vacancies right now and become part of our team! πŸ€—

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