One million users a month – not bad for a fledgling company whose founders not so long ago struggled to earn ten euros on Youtube in that time span.
With the coronavirus pandemic putting a premium on remote-learning solutions, Bavarian digital tutoring startup simpleclub is making major waves with an app aimed at German school pupils. The market in Germany has an estimated value of EUR one billion.
That has investors sitting up in their chairs with their hands raised. Holtzbrinck Ventures recently put EUR two million into simpleclub as the company’s first external financers.
“We would have liked to invest more, but because of their profitability two million was enough for the team to commence the next stage and put money into new growth areas,” Holtzbrinck Ventures principal Felix Klühr told business newspaper Handelsblatt.
Simpleclub says one of its next steps will be to going from tutoring into comprehensive learning platform that can replace physically present school instruction in emergencies.
“Digital education companies, training providers and others are now tapping into a highly lucrative market,” says Johannes Fischer, GTAI expert for digital learning and education. “With its Digital Pact for Schools, Germany is making more than EUR 5 billion available over a period of five years to bring the country’s schools into the digital age. This offers an excellent framework for companies that want to invest in Germany.“