GoStudent — the Austria-based marketplace for late-stage tutors that has raised $686.3 million to date (reaching a valuation of €3 billion) — the Germany-based Study trip, a traditional tutoring company founded in 1974, focusing on the German-speaking “DACH” region. The terms of the deal have not been disclosed.
Studienkreis was previously owned by London-based private equity firm IK Partners since 2017. It is best known as a tutoring provider in Germany with more than 1,000 learning centers across the country, serving 125,000 families annually.
GoStudent said Studienkreis will continue to operate under its existing brand as the two companies look for synergies.
The acquisition gives GoStudent a substantial offline presence, a ready market for its online offerings, and the ability to cater to families who prefer their children to participate in group classes or in-centre classes.
The startup has rolled up a number of other companies over the past 12 months, including Britain’s Seneca Learning, Spain’s Tus Media Group, and Austria’s Fox Education.
According to data from Status and Forecast, the global online tutoring market is valued at $150 billion by 2020 and is expected to reach $278 billion by 2026.
Felix Ohswald, CEO and co-founder of GoStudent, said in a statement: “Over 1.5 million online tutoring sessions are booked every month with GoStudent, but we believe the future of learning is hybrid. Combining online and offline creates an omnichannel model that adds maximum value to families and creates a barrier to competitors.”
Earlier this year, GoStudent raised a $340 million Series D funding round to enter international markets.
Meanwhile, in the more vertical language learning space, Preply closed a $50 million round this year.