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The history of GoStudent: from homework chat to EdTech unicorn

Contents

  1. 2015 - The problem
  2. 2016 - Founding of GoStudent: App instead of WhatsApp chat
  3. 2017 - GoStudent reaches over 100,000 users
  4. 2018 - A new target group: from students to parents
  5. 2019 - A new business model for sustainable learning
  6. 2020 - From 40 to 160 employees and over 1,000 tutors.
  7. 2021 - GoStudent expands to Europe and becomes a unicorn
  8. 2022 - GoStudent becomes the most valuable EdTech unicorn and goes global
  9. 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 whopping 95% success rate - we're incredibly proud of what we've accomplished at GoStudent so far! 

But GoStudent also started small once. More precisely, in the basement of a sailing school on the Old Danube in Vienna. We'll tell you how it all started, how we developed and what our long-term goals are! Are you ready for GoStudent's incredible success story? 🚀 ⬇️The history of GoStudent:

2015 - The problem

 

Behind GoStudent are CEO Felix Ohswald and COO Gregor Müller. The starting signal for the foundation was given in 2015 by Moritz - Felix's younger brother. The then 15-year-old student experiences firsthand how many of his classmates have difficulties at school. And although almost two-thirds of all students need tutoring, there is a major problem: The lack of access to top-notch, inspiring tutors who explain school material in an understandable way and cater to their students' individual needs. 🧑🎓

That's why Moritz gives his schoolmates the cell phone number of his brother Felix, so they can ask him questions via WhatsApp and quickly get concrete answers. Within a very short time, more and more students are using the number, without any marketing at all. 💬

At first, Felix and Gregor answered the questions themselves, but as demand grew, they asked fellow students for help. This is how the tutoring community of GoStudent as it still exists on a larger scale today. 👩🏫

As more and more students use the WhatsApp service and homework chat explodes, Felix and Gregor realize: 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. We need our own app! 

 

2016 - Founding of GoStudent: App instead of WhatsApp chat

 

Because Felix and Gregor both have no IT background, they use the initial money they received from family and friends to start their own GoStudent-app with an integrated chat function. It should be ready shortly before school starts in the fall. Because of the great demand, the app crashes right away. But the two are not discouraged! Basically, the crash just shows how many students need help and how much potential homework chat has! 💬

The service continues to grow and more and more students take advantage of the free tutoring with the personal learning assistant. Unlike a Google search, which requires clicking through and sorting out results, with GoStudent's service students get prompt answers from experts. The fear of asking questions in class and making a fool of yourself is also eliminated with the anonymous homework chat. 👍

 

2017 - GoStudent reaches over 100,000 users

 

Soon GoStudent reaches over 100,000 users and receives 500,000 euros investment in an angel investment financing round. More and more students ask whether the GoStudent tutors also give private lessons and the first paid tutoring session is arranged. Felix and Gregor realize: To offer a successful and sustainable service, a chat is not enough. 

 

2018 - A new target group: from students to parents

 

With a platform of over 500,000 users, GoStudent is developing a new business idea and defines a new target group: From now 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! 👪

In the past, the tutor was chosen mainly for practical reasons, in the sense of: This teacher does not live far away, so I chose him. 🤨 GoStudent revolutionizes this old tutoring concept and finds the ideal tutor for every student! With Online one-on-one tutoring we match each student with the teacher who can best meet their individual needs! 💯

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

 

2019 - A new business model for sustainable learning

 

Through the experience of recent years, Felix and Gregor recognize the importance of sustainable learning. The new business model focuses on paid memberships with a duration of between 6 and 24 months and weekly 1:1 online tutoring sessions for optimal support of tutoring students. 

And another big step happens in 2019: The preparations for rapid growth. 🚀 GoStudent exchanges the basement office for a modern office in the 2nd district in Vienna and the work processes in the company are restructured. 

 

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, quadrupling to more than 160 employees. 🚀 

The success course attracts further investors: Left Lane Capital and DN Capital invest €13.3 million 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, over 150,000 tutoring sessions are already being booked with GoStudent every month. 

 

2021 - GoStudent expands to Europe and becomes a unicorn

 

From now on it goes blow by blow - in 2021 GoStudent will even be a Unicorn. But everything in turn:

In the first quarter GoStudent continues its rapid growth and expands to the UK, Ireland, Italy, Greece, Turkey and the Netherlands - and that's just the beginning. New offices follow in Düsseldorf, Berlin, Madrid, London, Milan, Athens, Istanbul, Amsterdam and Sofia. And new investments are also coming: In March 2021, GoStudent secures 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 in the amount 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. 🦄💪 (In business, a "unicorn" refers to a company that has a particularly innovative business model and is therefore classified as very valuable). 

In the third quarter GoStudent also expands outside Europe to Canada, Brazil, Mexico, Chile and Colombia and opens its first office outside Europe in Mexico City. The expansion course continues to be driven forward: GoStudent acquires the company FoxEducation and thus expands its offering to the school sector. 🦊

The fourth quarter sums up: 22 stores, +1,000 employees and 10,000 tutors. Not bad, right? 

 

2022 - GoStudent becomes most valuable EdTech company & goes global

 

Only 7 months after the Series C investment, GoStudent receives a record investment of €300 million and becomes the most valuable EdTech company in Europe. This doubles the company's value to 3 billion euros. A sensation! 🚀

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 acquires Seneca Learning and the Tus Media Group! In March 2022, GoStudent opens its first US location in Austin, Texas. 📈🌍

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

But even that is far from the end! 🔥 ⬇️

 History of GoStudent_Milestones

What's next?

 

From the beginning, Felix and Gregor had a clear mission in mind: To build the #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. ❤️ 💪

Want to be a part of GoStudent revolutionizing the education system and making quality education accessible to all? Then take a look at our job openings right now and become part of our team! 🤗

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