Frankfurt - Four months after closing a Series A financing of USD 15 million, a Luther team is again advising StudySmarter on a financing round. With Goodwater Capital, the ed-tech start-up wins a leading venture capital fund for consumer tech via a Series A expansion. The aim is to accelerate international growth with the USD 16 million investment extension.
The award-winning education platform StudySmarter, which is one of the most downloaded and used education apps in more than 20 regions worldwide, has seen record growth over the summer. To build on this growth, StudySmarter has also added custom content creation to the platform. Using the unprecedented amount of exam and curriculum data, on which StudySmarter has globally access, the company has worked with more than 100 teachers and educators to create high-quality content.
One million users were acquired by StudySmarter in its first year. Over the past four months, this user base has nearly doubled and the platform being launched in additional regions worldwide, including the US, UK, South Africa, Singapore, Indonesia, Canada, Ireland, and more. Since the completion of the first Series A, StudySmarter's team has more than tripled in size, growing from 70 to over 300 employees.
StudySmarter has a commercial partnership with Pearson, as well as contracts with global giants such as Amazon and BMW, who are using StudySmarter to reach potential employees and graduates via non-intrusive advertising.
StudySmarter is a leading EdTech start-up based in Munich. The spin-off of TU Munich & LMU Munich develops an intelligent and content-independent platform for lifelong learning. StudySmarter was voted the best EdTech start-up in Germany and Europe by university representatives and education experts.
StudySmarter is a content-independent lifelong learning platform that transforms any type of text or content into an interactive course generated in part through the use of natural language processing (NLP). Learners of all ages use StudySmarter to create their own content such as lecture notes, summaries, flashcards, exercises, etc., anywhere in the world. Instead of having to download multiple apps for different parts of the learning process, StudySmarter provides everything in one place.
On behalf of StudySmarter:
Luther, Start-ups & Venture Capital / Corporate/M&A: Philipp Glock (Partner & Lead), Dr Björn Simon (Partner), Michael Ströbel, LL.M. (Senior Associate), Sven Stumm (Senior Associate), Ema Burić (Senior Assoicate)
On behalf ofOwl Ventures:
Greenberg Traurig: Dr Henrik Armah (Lead)
On behalf of Left Lane Capital:
Goodwin Procter LLP: Gregor P. Klenk (Lead)
On behalf ofGoodwater Capital:
Orrick, Herrington & Sutcliffe: Dr Sven Greulich (Lead)
Avocado Rechtsanwälte: Notary Lars-Henning Behrens