Amid COVID-19 the edtech sector has garnerd a lot of interest from investors
The evolution of advanced technology in the education sector has transformed entirely the way we teach and learn. The advent of growing crops of edtech startups globally is increasingly redefining the learning experience. In the onslaught of the COVID-19 pandemic, as the world wholly locked under lockdowns, education has turned to more digital than ever before. Moreover, as the edtech sector is growing rapidly, it is witnessing an augmented interest from investors. According to the report, the global edtech industry garnered US$4.5 billion in venture capital in the first half of 2020, marking the second largest half-year for the sector.
Here’s a look at the top 10 edtech funding companies raised throughout the year 2020.
BYJU’s
Amount Raised: US$500 Million
Transaction Type: Private Equity Round
Key Investor(s): Silver Lake
BYJU’S, an edtech company that develops personalized learning programs for K-12 students, raised US$500 million in a private equity round in September. The round was led by Silver Lake, along with existing investors Tiger Global, General Atlantic and Owl Ventures. BYJU’S provides online classes for 4-12 through its flagship product BYJU’S – The Learning App, which was launched in 2015. Today, the app has over 42 million registered students.
Unacademy
Amount Raised: US$150 Million
Transaction Type: Series F
Key Investor(s): SoftBank Vision Fund
Digital learning platform Unacademy that provides educational content like video lectures and examinations, in September snagged US$150 million in a Series F financing round. Led by SoftBank Vision Fund, this deal marks the first investment made by Softbank this year. Unacademy allows aspiring students to better prepare for their competitive examinations and promote self-learning.
Coursera
Amount Raised: US$130 Million
Transaction Type: Series F
Key Investor(s): New Enterprise Associates
Coursera, an Online edtech platform, in July raised US$130 million led by New Enterprises Associates (NEA) for international expansion. This latest deal takes CaA-based company to an estimated valuation of US$2.5 billion. Coursera serves over 20 million registered learners by partnering with 140 of the world’s best universities and education institutions.
Vedantu
Amount Raised: US$100 Million
Transaction Type: Series D
Key Investor(s): Coatue
Online e-learning platform Vedantu in July secured US$100 million in a Series D financing round led by Coatue, a US-based investment firm. The new fund taken Vedantu at US$200 million to date. As the company offers live and interactive courses for 6-12 grade students, the fresh capital will it to expand to new categories and reach more students, especially in smaller towns and cities of India.
Udacity
Amount Raised: US$75 Million
Transaction Type: Debt Financing
Key Investor(s): Hercules Capital, Inc.
Udacity, an online learning platform that offers programs in artificial intelligence, machine learning, and robotics sector, in November raised US$75 million in debt financing for further growth. The round was led by Hercules Capital, with additional participation from Bertelsmann, Andreessen Horowitz, Charles River Ventures and Drive Capital. This new fund will help us continue to scale and provide global workers with the skills they need to future-proof their careers
ApplyBoard
Amount Raised: CA$70 Million (US$55 Million)
Transaction Type: Series C
Key Investor(s): Educational Testing Service (ETS) and Index Ventures
The world’s largest online platform for study abroad ApplyBoard in September raised CA$70 million in a Series C round led by Educational Testing Service (ETS) and Index Ventures. The company plans to use these funds to accelerate growth by investing in its proprietary technology, further developing its school and student services, expanding its destination markets, and serving a broader diversity of students and recruitment partners globally.
Udemy
Amount Raised: US$50 Million
Transaction Type: Series F
Key Investor(s): Tencent Holdings
A U.S-based online learning platform Udemy in November bagged US$50 million in a Series F financing round from Tencent Holdings. As an edtech platform, the company helps students, companies, and governments to gain the skills they need to reach their goals.
SnapAsk
Amount Raised: US$35 Million
Transaction Type: Series B
Key Investor(s): Asia Partners Fund Management, InterVest Co.
On-demand tutoring platform SnapAsk in February raised US$35 million in Series B funding round. The round was led by Asia Partners Fund Management, InterVest Co., along with other investors Kejora Ventures, Ondine Capital and SOSV Chinaccelerator. Launched in Hong Kong in 2015, SnapAsk leverages machine learning and mobile cloud services to make education more effective, personalised, and accessible to everyone.
Quizlet
Amount Raised: US$30 Million
Transaction Type: Series C
Key Investor(s): General Atlantic
Quizlet is a learning platform that uses activities and games to help students practice and master what they’re learning. In May, the company secured US$30 million in a Series C financing round led by General Atlantic. The new funding will enable Quizlet to continue its product innovation, with an emphasis on data science and machine learning capabilities while assisting the company’s strategic expansion opportunities.
Lido Learning
Amount Raised: US$7.5 Million
Transaction Type: Series B
Key Investor(s): BAce Capital
LIDO Learning, an edtech company that revolutionizes education through an immersive online platform, in March received US$7.5 million in a Series B funding round from BAce Capital. Founded in 2019, the company aims to solve education barriers and transform the industry in India through live, small group, highly interactive, online tutorials led by expert tutors.
