GERMAN EDTECH STARTUP StudySmarter HAS SECURED €13.8 MILLION TO ACCELERATE ITS GLOBAL EXPANSION
Munich-based ed-tech startup StudySmarter has reportedly secured €13.8 million additional funds from Goodwater Capital. It comes just after four months the subject startup closed 12.4 million euro Series A which was held precisely in May this year. However, the startup is understood to have one of the most downloaded educational apps in more than 20 regions across the globe.
Due to rapid growth, precisely after the company closed its initial Series A funding round, it has tripled its team, growing from 70 to over 300 workforce.
The subject startup which was founded in 2018 is identified as a content-agnostic, a lifelong learning platform uniquely designed that turns all kinds of text or content into an interactive course, which is generated in part with the aid of natural language processing (NLP). The is proven useful for all learners in creating their own content, which cuts across lecture notes, flashcards, summaries, exercises, including others that are accessible in any part of the world.
More significantly about the subject apps, is the fact that, once a user has downloaded the app, it will be irrelevant to download multiple apps for different parts of a learning journey. This is because StudySmarter offers all in one place, and based on analysis, its data shows that 94% of learners that use the platform achieved better grades as a result of its outstanding features. In view of this, it has been observed since the app launch, users have created and shared over 50 million learning materials, which is growing by 5 million per month.
In a bid to double down on the company’s growth, the startup has additionally expanded into its own traditional content creation for the first time, precisely through its new StudySmarter Originals feature. This saw the use of an unprecedented amount of data regarding curriculums and exams it has access to across the globe. However, the StudySmarter Originals is known to have been created in the best way it could be digitally engaging and shareable as its user-generated content while bolstering the company’s footprint of high-quality learning resources. It’s also fair to know that the platform has generated high-quality content in collaboration with more than 100 teachers in addition to other educators.
Moreover, this is also why startup StudySmarter could command notable commercial partnership with the likes of Pearson, this also includes deals with tech giants like indigenous automaker BMW, Amazon that uses the platform as an interface in reaching out to potential employees and graduates through non-instructive adverts. Based on this development (fresh fund) the Co-founder of StudySmarter ‘Maurice Khudhir’ stated:
“In just two years, StudySmarter has proven it has the power to enable access to digital education for hundreds of millions of learners across the globe. The way the platform has been embraced and used by our community is a testament to just how important and necessary our content-agnostic, lifelong learning approach is. It also shows that the issues experienced with learning and access are universal”.
With regards to investors, Goodwater Capital is believed to offer a vibrant network and data-led approach to growth merged with the expertise from earlier investors, and these also include the largest global edtech-focused VC fund, B2C focused Owl Ventures, New York-based investor Left Lane Capital and DvH Ventures, EU Startups have learned.
“It takes a special kind of company, with a special kind of team, to develop and expand as quickly, and as successfully, as StudySmarter has. We knew from the moment we first heard about StudySmarter that it was on course to change education and global learning as we know it and we’re thrilled to now join Christian, Simon, Till, and Maurice in this journey”. Goodwater Capital’s ‘Eric Kim’ said per EU Startups.
The companys’ latest will be used for global expansion, and its ambition to become the world’s best and largest content-agnostic learning platform.
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