Introduction:
The late-stage tutor marketplace GoStudent, which has already received $686.3 million, has now secured an additional $95 million from Deutsche Bank and several other investors, including Left Lane Capital, DN Capital, Tencent, Prosus, DST, Coatue, and Softbank Vision Fund 2. It was stated that a combination of equity and borrowed financing was raised.
The business has been on an acquisition spree, using its war chest to roll-up complementary businesses, such as the traditional tutoring firm Studienkreis, based in Germany, which it bought last year.
The tech unicorn claims that the money raised will be used to offer “enhanced hybrid learning solutions to the DACH region.” It has a reported valuation of €3 billion. In plain English, that means expanding the use of GoVR, GoStudent’s recently introduced virtual reality language learning platform, and providing more online and offline instructional support.
VR and AI-enhanced tutoring:
VR and AI-enhanced tutoring (Image Source: money.yahoo.com)
There are now about 23,000 tutors on its platform, and it will create an “AI lesson plan generator” based on the regional curriculum. Each tutor will save a class an average of 15 minutes, per the plan.
In a statement, GoStudent’s CEO and co-founder Felix Oswald said: “We observe every day the impact that individualized learning can have on a child’s confidence. A genuinely individualized learning path can be built for each child, preparing them for their future, by combining traditional tutoring with AI-driven study support or teachings in virtual reality in group settings.
According to Harley Miller, CEO and managing partner at Left Lane Capital, “We see even further potential to complete its vision of hybrid offline and online tutoring as GoStudent doubles down on its existing VR capabilities, introduces smart AI tools, and drives synergies with Studienkreis.”
