GoStudent online support platform collects 205 million euros in its last investment round and becomes the first European unicorn 'EdTech'.

GoStudent, the online tutoring school EdTech platform, has achieved unicorn status, just 2 and a half years after establishing its current business model.

The scale - up has closed a new round of investment worth 205 million euros in Series C. The operation has been led by DST Global.

The growth of GoStudent has been such that in 2015 it emerged as a simple idea to help students who will need it through a free support group via WhatsApp. It wasn't until 2016, when its founders decided to launch the business.

GoStudent online support platform collects 205 million euros

Now it continues to grow by leaps and bounds with its goal of becoming the first global school to respond to the need to offer quality, accessible and universal education and, for now, 100% online.

GoStudent online support platform collects 205 million euros: It is currently growing 30% monthly, manages more than 400,000 online classes and is present in 15 different countries in Europe, with a staff of more than 500 employees. In this way, with an assessment that already reaches 1,400 million euros, GoStudent becomes the main player in the European school EdTech sector (K-12).

Since its arrival in Madrid last January, GoStudent has managed to build a team of 50 employees and already manages more than 40,000 classes per month.

GoStudent online support platform collects 205 million euros

” It is fascinating to see how little by little GoStudent reaches every corner of Spain building a community of tutors committed to quality education and the needs of each student, " says Leyre Nieto,Country Manager of GoStudent in Spain.

GoStudent online support platform collects 205 million euros: By the end of 2021, the company wants to be present in 20 markets and double its team to 1,000 employees and 10,000 tutors.

With an accumulated investment of 291 million euros, the company will continue to strengthen and develop its international expansion strategy, both European, and opening its borders to the American continent, where it has already set its eye on Canada and Mexico.

GoStudent online support platform collects 205 million euros

More news:

This is the most common profile of temporary worker in Spain: male, between 25 and 44 years old and from the service sector

The fight against the temporary employment is one of the main political camps for the Spanish Government in the last few months, taking into account that it has been committed to Brussels to reduce it into the public following criticism by the community authorities and that has made several proposals to desincentivarla in the private sector that have been rejected by the employer, who believes that will harm employment in sectors such as hospitality and agriculture.

For the moment, the first measures of the Executive against abusive temporality have focused on labor fraud, which allowed to convert 61,000 temporary contracts into indefinite ones in just 15 days during last March. In this way, the Government plans to prevent Spain from continuing to be the European leader in temporary employment, which affects one in 4 workers and has been one of the groups most affected by the destruction of employment caused by the coronavirus.

Therefore, the partial abrogation of the labor reform that the Labour Ministry is in discussion with the social partners pays special attention to the criminalization of the excessive use of temporary contracts as a way to reduce youth unemployment, of which Spain also holds the dubious honour of being the european leader, after the Bank of Spain recognized it in 2019 that the last labour reform had not managed to reduce the temporality or inequality work.

Precisely, the analysis of the duality in the Spanish labour market, the figures for the recruitment of temporary and proposed to reduce its impact are the main keys of the latest report from the think tank Fedea, which focuses on a review of the incidence of temporary employment and "its pernicious effects on the economy", in addition to studying the proposals of the Plan of Recovery to reduce to 3 types of contract.

"Excessive temporality is not only an authentic injustice for the people who suffer it, but also generates important economic inefficiencies," says the report, which considers that there is no justification that explains the high incidence of temporary contracts in Spain, which is defined as the "scourge of our labor market" since 1984, when it was legally allowed to make temporary contracts without a justified cause, as until then.

In addition, the report includes several figures that show the impact of temporality in Spain, pointing out that it exceeds 60% of all contracts at all educational levels and that this type of contract is not working as a previous step to an indefinite contract. Empirical evidence tells us that 40% of those who have a temporary contract at the age of 20 continue to have it when they turn 40, says the study, which describes this phenomenon as a "temporary trap".

In this sense, Fedea, reveals the major differences from the european model, as shown in the above graph, in which it is observed how the temporality exceeded by more than 8 percentage points the average of the eurozone, rising to 20.4% by the end of 2020, while that between the age of 24 years, the incidence of temporary employment is a 62,1%, 16 points higher than the euro area average, and more than 6 times over the temporality among those over 55 years.

However, the Fedea report also includes data that allow segmenting the majority profile of workers with temporary contracts, based on unemployment data recorded by the State Public Employment Service (SEPE) for May, which are summarized in the following graphs, in which the data are segmented by sex, age, type of contract and sector of activity.

Starting with the demographic variables, the graph below shows how the majority of temporary contract workers (56.13%) are male. The majority age group is between 25 and 44 years of age, accounting for 53.38% of all temporary contracts, compared to 26.97% of those over 45 years of age and 19.65% of those under 25 years of age.

Crossing both data, sex and age, the most common profile of temporary worker is a male between 25 and 44 years old, representing 29.7% of the total fixed-term contracts, up to a total of 414,000, while women with temporary contracts in the same age group account for 23.5% of the total, with more than 327,000 employees in this situation.

Meanwhile, by sector of activity and type of contract, it is possible to detect more differences, as shown in the table below, which shows that the services sector has 64% of the total of temporary workers active during the last month and that works and service contracts and temporary contracts due to production circumstances are the most common, bringing together 41.5% and 49.5% of the total of temporary contracts.

In addition, Fedea highlights that more than 3 out of 4 temporary contracts in agriculture and fisheries and construction are for work and service, while more than half of the temporary services and 2 out of 3 in industry correspond to temporary contracts due to production circumstances, while the vast majority of temporary contracts correspond to the services sector.