StudySmarter receives 15 million US dollars

The start-up behind the learning app has completed its Series A financing round. Expansion into twelve countries is now set to follow.

The EdTech start-up StudySmarter from Munich has raised 15 million US dollars in its Series A financing round. The lead investors are the two US VCs Owl Ventures from Silicon Valley and New York-based Left Lane Capital. The British investor Lars Fjeldsoe-Nielsen, who has worked for Dropbox, Uber and Whatsapp, among others, is also involved as a business angel. The existing investors, including Dieter von Holtzbrinck Ventures, Vealo Ventures and Axel Springer P&P, provided further funding.

Internationalization is now on the agenda. Twelve markets are to follow in twelve months. In addition to Germany, StudySmarter already offers its learning app in the United Kingdom. Next, the start-up wants to launch in the USA, Brazil, India and Indonesia and hire up to 90 new employees. Currently, 60 people work for the start-up. "StudySmarter has made incredible progress since our seed investment last year," says Duc Quyen Tran from Holtzbrinck Ventures. "The team has proven that they can significantly scale a technologically competitive product and have more than fulfilled our expectations for them."

Since the coronavirus pandemic, the start-up, like many other EdTech start-ups, has been growing strongly. StudySmarter has gained more than one million new users within a year. Since its launch in 2018, users have created and shared more than 25 million learning materials; according to the start-up, 94% of learners achieved better grades by using it. The online platform is free of charge and is financed by advertising, including for companies' HR marketing. Its customers include E.ON, Deutsche Bahn, Audi, Munich RE, KPMG and Aldi Süd.

"StudySmarter's award-winning platform is revolutionizing the learning process and empowering learners of all disciplines to succeed and achieve their goals," says Jenny Wang, Principal at Owl Ventures, the world's largest venture capitalist in the education market. "More than a quarter of all students and high school graduates in Germany now use StudySmarter's platform and we are very excited to see the team grow and expand successfully."