EducationAT

GoStudent Layoffs

January 2024

GoStudent announced a layoff affecting 100 employees in January 2024. The company operates in the Education sector.

People Affected

100

Announced Date

Jan 23, 2024

About

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.