With the pandemic-led digital revolution, EdTech sees constant growth in 2021

The COVID-19 pandemic has affected every walk of life, caused the closure of businesses and schools and institutions. Despite this, the crisis has brought substantial digital innovation opportunities for industries to sustain in a socially distanced era. EdTech is one such industry that has garnered a lot of attention throughout the pandemic. Owing to the shutdown of schools, colleges and other academic institutions, the education system has significantly turned to technology – online learning or digital education. This surged interest led to the rise of a horde of edtech players that are providing advanced online learning solutions. These startups also became the hottest spot for big companies and investors.

In 2020, edtech startups raised a total of US$2.2 billion, compared to US$553 million in 2019. This funding trend will remain a hot area of interest in 2021 as tech adoption across schools, colleges and other academic institutions will be high. IndustryWired has prepared a list of top edtech funding and investments that happened in February 2021.

SplashLearn

Funding Amount: US$18 Million

Transaction Type: Series C

Key Investor(s): Owl Ventures

SplashLearn is an EdTech startup company that provides game-based math and reading courses to students in pre-kindergarten to grade five. The company has secured US$18 million in a Series C round led by Owl Ventures and existing investor Accel. Founded in 2010, SplashLearn's platform provides 15 to 20 minutes of personalized learning experience to each student every day, according to the company. The fund will be utilised to scale up SpalshLearn's recently launched tutoring vertical and further fortify the R&D department.

Leverage Edu

Funding Amount: US$6.5 Million

Transaction Type: Series A

Key Investor(s): Tomorrow Capital

Leverage Edu is an AI-enabled marketplace designed to help students with their higher education and career growth plans. The company has raised US$6.5 million in a Series A funding round led by Tomorrow Capital, with additional participation from existing investors including Blume Ventures and DSG Consumer Partners. Founded in 2017, Leverage Edu has been acclaimed as India's most trusted University Admissions Company. It empowers students across the country to choose the best-matched career and higher education options, with one-touch access to personalised mentors and leading global universities.

Newton School

Funding Amount: US$5 Million

Transaction Type: Series A

Key Investor(s): RTP Global

Newton School, a Bengaluru-based edtech platform, secured US$5 million in a Series A funding round led by RTP Global. The company plans to use the fund to expand its team and develop AI technology to streamline and personalize the learning. The round also saw participation from existing investors Nexus Venture Partners, Prophetic Ventures and Unacademy co-founders Gaurav Munjal, Roman Saini and Hemesh Singh, Flipkart’s CEO Kalyan Krishnamoorthy, CRED’s Kunal Shah, Freshworks’ Girish Mathrubootham, Udaan’s Sujeet Kumar and Razorpay founders Harshil Mathur and Shashank Kumar, with others.

Eupheus Learning

Funding Amount: US$4.1 Million

Transaction Type: Series B

Key Investor(s): United Education Company (UEC)

Eupheus Learning, a B2B edtech company, has raised US$4.1 million in a Series B financing round. The round was led by UEC with Al Rayan Holding Company (ARHC). Euphenus is intended to use the fresh capital to grow in domestic markets, develop in-home learning solutions while expanding internationally in West Asia and other markets such as Sri Lanka and Bangladesh.

Pariksha

Funding Amount: US$2 Million

Transaction Type: Seed Round

Key Investor(s): Bharat Inclusion Seed Fund

Pune-based EdTech startup Pariksha has bagged US$2 million in a seed round led by Bharat Inclusion Seed Fund and co-invested by LetsVenture Plus, 9Unicorns and Innercircle. Pariksha is India's largest vernacular test preparation app helping aspirants prepare for State government job exams in their language. According to the company, the fund will help it shift up the gear, make the product more inclusive and expand its reach with a focus on using system intelligence.

WizKlub

Funding Amount: US$825,000

Transaction Type: Seed Round

Key Investor(s): Incubate Fund India

Wizklub, a Bangaluru-based edtech startup, is on a mission to create a million thinking minds by developing their Higher Order Thinking Skills (HOTS). The company has secured US$825,000 in a seed round led by Incubate Fund India. The fund will enable WizKlub to expedite its growth and run rate. The startup significantly develops skills in children aged 5-15 years via its smart tech programs that make them future-ready.