K-12 Dealmaking: Handshake Doubles Valuation; GoStudent Makes 2 Acquisitions
Handshake, an early career professional networking site, will expand its reach and launch a new scholarship program after more than doubling its valuation.
The company announced it raised $200 million in a Series F round, bringing its valuation to $3.5 billion. The round was lead by Coatue Management and Valiant Peregrine Fund with participation from the Chan Zuckerberg Initiative and Base 10’s Advancement Initiative, among others.
Handshake offers virtual career fairs, one-on-one video chats, and direct messaging with recruiters. The company announced it doubled its staff size and facilitated more than 1.7 million relationships between employers and candidates in 2021.
The new investment from Base10 will be used to create a scholarship for students at Historically Black Colleges and Universities. The initiative will also partner with Handshake to pair students and new graduates with internship opportunities.
The funding will also be used to expand Handshake’s international footprint, the company said.
“Millions of people, particularly those just starting out their careers, have been left behind by a purely networking-based approach to discovering talent,” said Co-founder and CEO Garrett Lord in a statement.
“Our growth reflects a realization from the world’s largest employers that they can no longer afford to leave talent on the table by tapping known ‘connections’ and following a traditional recruiting playbook.”
Austrian unicorn acquires two companies. GoStudent, a Vienna-based ed-tech startup, has acquired two companies about a month after raising $340 million in a funding round.
GoStudent recently acquired U.K. homework and revision platform provider, Seneca Learning, and the Spain-based open marketplace for tutors, Tus Media Group.
Both will continue operating independently and retain their brand names. Seneca Learning has more than 7 million students on its platform.
GoStudent, founded in 2016, offers online tutoring for K-12 students in 22 countries. The company reported a 700 percent increase in sales as students returned to the classroom after pandemic-related school closures.
CEO Felix Ohswald told Bloomberg that GoStudent may consider an initial public offering in the next couple of years.
The new acquisitions by GoStudent come about a month after the company announced it had raised 300 million Euros, or about $340 million, capital that it said it planned to put toward international expansion and other ambitions.
Dutch company acquires training marketplace. Online learning platform provider Studytube has acquired the training marketplace Springest from FD Mediagroep.
The acquisition comes after Studytube, founded in Amsterdam in 2013, raised $3 million in a Series B funding round led by Energy Impact Partners and previous investor Verdane.
Studytube announced it will use the funding to accelerate its growth in Europe. With the acquisition of Springest, Studytube now serves more than 30 large companies and more than 300 medium companies across industries, including childcare.
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