StudySmarter receives 15 million US dollars

The start-up behind the learning app was able to close its Series A financing round. Now the expansion into twelve countries is to follow.

Munich-based EdTech start-up StudySmarter has raised $15 million in its Series A funding round. Lead investors are the two US VCs Owl Ventures from Silicon Valley and New York-based Left Lane Capital. Also involved as a business angel is Briton Lars Fjeldsoe-Nielsen, who has worked for Dropbox, Uber and Whatsapp, among others. Existing investors, including Dieter von Holtzbrinck Ventures, Vealo Ventures and Axel Springer P&P, gave money again.

Now the internationalization is on the agenda. Twelve markets in twelve months are to follow. In addition to Germany, StudySmarter already offers its learning app in the UK. 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 startup. "StudySmarter has made incredible progress since our seed investment last year," said Duc Quyen Tran of Holtzbrinck Ventures. "The team has proven that they can significantly scale a technologically competitive product and have more than met our expectation for them to do so."

Since the Corona pandemic, the startup, like many other EdTech startups, has been growing rapidly.

Within a year, StudySmarter has gained more than a million new users. Since launching in 2018, users have created and shared more than 25 million study materials; 94 percent of learners achieved better grades as a result of using it -- according to the startup. The online platform is free and financed by advertising, including recruitment marketing from companies. Customers include E.ON, Deutsche Bahn, Audi, Munich RE, KPMG and Aldi Süd.

"StudySmarter's award-winning platform is revolutionizing the learning process, empowering learners of all disciplines to succeed and achieve their goals," said 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're excited to see the team successfully grow and expand."