GoStudent

Austrian edtech unicorn GoStudent, backed by SoftBank and once valued at $3 billion, has conducted another round of layoffs, affecting over 100 employees. This follows previous cuts in late 2022 and is part of ongoing efforts to reduce costs and achieve profitability amid challenging market conditions. With a workforce exceeding 1,500, the layoffs represent a significant but unspecified percentage of its staff. CEO Felix Ohswald cited a need to further lower the company's burn rate, despite a 70% reduction already. The startup, which saw pandemic-driven growth, now faces pressure from high-interest rates and investor caution, mirroring broader tech industry trends.

Austrian edtech startup GoStudent, valued at $3 billion and backed by investors like SoftBank, has initiated its second round of layoffs in three months, affecting over 100 employees. This follows a previous cut of about 200 jobs in September, which represented roughly 10% of its workforce. The company, which employs around 1,600 people, is reducing roles across its operations in Italy, Germany, and Austria, with further reductions anticipated. The layoffs come as GoStudent shifts toward a hybrid teaching model, recently acquiring Germany's Studienkreis, and reflects broader challenges in the tech sector where startups are prioritizing efficiency and profitability amid a tougher fundraising environment.

GoStudent laid off 200 employees on 2022-09-08.