European EdTech unicorn GoStudent GoStudent acquired the UK Seneca learning and the one based in Spain Tus media group in a move that extends its reach into areas previously untouched by the German Einhorn. Seneca offers algorithmic learning content, while Tus Media is an open marketplace for tutoring. The terms of the deal were not disclosed.
Both acquired companies will continue to operate independently under their current leadership teams and under their established brand names. Seneca Learning was founded in 2016 and has not previously undertaken any venture capital funding CrunchBase. Tus Media was also privately held, with unspecified backing from Barcelona-based investor Redarbor.
The move comes a month after GoStudent raised €300 million in Series D funding and follows GoStudent’s acquisition of Fox Education, an Austrian all-in-one school communications solution, in 2021.
Seneca Learning is a ‘freemium’ homework and review platform in the UK with 7 million students. Children can choose from KS2, KS3, GCSE and A-level courses.
Felix Ohswald, CEO and Co-Founder of GoStudent said: “The UK is one of GoStudent’s core regions and we aim to be a market leader. We have listened to our customers’ needs and adding a content platform to our core offering is an important strategic move for us, allowing us to further enrich our learning offering and diversify our portfolio.”
Stephen Wilks, Co-Founder and CEO of Seneca Learning said: “Working with Felix and the GoStudent team will enable us to bring Seneca’s free content and personalized learning experience to millions of students in different countries around the world. The team looks forward to building on our success in the UK and marketing our product internationally to give more children access to an amazing free education.”
Founded in 2011, Tus Media offers an open marketplace for tutors serving 4 million students, with teachers in Spain and several European and Latin American countries.
Albert Clemente, Founder and CEO of Tus Media Group, said: “The acquisition by GoStudent gives us the impetus to continue scaling Tus Media with all its brands into new markets and expand into even larger regional regions.”
Gregor Müller, COO and Co-Founder of GoStudent, commented: “Albert Clemente is one of the most passionate and dedicated education entrepreneurs we have ever met. Working with him as a partner and learning from each other will allow us to take a step closer to becoming the world’s number 1 school.”
David González Castro, Founder and CEO of Redarbor – the former investor of Tus Media – commented: “In 2018 we acquired 20 percent and later 30 percent stake in Tus Media. After the takeover by GoStudent, we will exit the holding. I am very proud of all the successes we have had working together and adding value with Albert Clemente.”
GoStudent is now valued at around $3 billion. It was founded in Vienna in 2016 by Felix Ohswald (CEO) and Gregor Müller (COO) and offers paid, video-based one-to-one tuition to primary, secondary and college-age students via a membership model. Investors backed with €590 million in funding include Prosus Ventures and SoftBank Vision Fund 2.
In a conversation with me, Ohswald added: “These two companies complement GoStudent very well. Seneca built a great content company so they created content tailored to the UK schools curriculum that is used by thousands of teachers and then millions of children and that’s something we don’t have. We’ve never done content in the past. So they bring that piece of content that we’re missing and we want to help them scale their business to many more countries while building some synergies.”
He added: “On the Tus Media side, they have created a great SEO oriented company. So all the traffic they generate on their marketplace comes via SEO with no marketing spend. We haven’t been able to do that in the past. Together with them we can learn from them and also help them to scale faster.”
GoStudent acquires UK’s Seneca Learning and Spain’s Tus Media Group – TechCrunch Source link GoStudent acquires UK’s Seneca Learning and Spain’s Tus Media Group – TechCrunch