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Berlin-based online video tuition platform sofatutor has raised €3.5 million in a round led by German education publisher Cornelsen with participation of existing investors Acton Capital Partners, J.C.M.B. and IBB Beteiligungsgesellschaft.
In 2012 German edtech startup raised a low million Euro round from Acton Capital Partners and another undisclosed round from J.C.M.B. and IBB Beteiligungsgesellschaft in early 2010 according to CrunchBase.
Cornelsen, being one of the leading education publishers in Germany, will bring its decades of insight knowledge about the education market alongside its monetary investment to sofatutor. With the new capital sofatutor aims to further accelerate its growth in the DACH region (Germany, Austria, Switzerland).
Currently the platform claims to have over 75.000 users who can access a growing library of more than 11.500 videos starting at first grade. Pricing starts at €14.95 per month, there is also an option including a weekly session with a tutor for €99.95 per month.
sofatutor started out as an open marketplace similar to Udemy where tutors could upload their video lessons. The major difference was an interesting business model which calculated the revenue for each tutor based on the number of views. In September 2011, sofatutor launched an in-house studio, slowly moving away from external video content, and today all videos are concepted and produced entirely by the sofatutor team.
According to the press release, sofatutor had been on Cornelsen’s watch list for a while. Earlier this year the publisher launched its own web portal for teachers and students called scook and announced that they will also invest in successful edtech startups, sofatutor being the first.
- Cornelsen Bildungsgruppe beteiligt sich an der Online-Lern-Plattform www.sofatutor.com – Mittelzufluss soll Wachstum beschleunigen | Press Release
- Cornelsen investiert 3,5 Millionen Euro in sofatutor | deutsche startups