Education Technology & eLearning - ABS Capital
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Education Technology & eLearning
Tristan Snyder, Partner
Ben Howe, CEO
Jon Guido, Partner / COO
Mike Parker, Partner
Sean Tucker, Vice President
Massive $157B Market Expanding Globally
At $157B in size and expected to reach $420B by 2025 (15%+ CAGR),
Education Technology is a massive market that continues to expand on a 2025
global scale
In first world countries such as the US with high cost delivery models,
EdTech’s potential to unlock huge budgetary savings for governments and
households alike is a powerful driver of continued adoption USD 420
In developing countries seeking to close the gap in language and IT
proficiency with the rest of the world, the focus is more on access
› eLearning has huge potential to educate these rapidly growing
populations in lieu of a highly developed school infrastructure
Lastly in the corporate sector, where professional training has long been
viewed as a discretionary item subject to booms and busts in economic
US EdTech Deals by Quarter
cycles, eLearning is gaining significant traction as a “must have” for many
employers in a historically tight labor market
Innovations in the EdTech space at large include: Travel Tech Ecosystem
› Microlearning - a top trend as more evidence builds that breaking
down and spacing out learning content into smaller bite pieces can
lead to higher rates of engagement and retention
› Interactive Video-Based Training - with over 55% of the world’s
population connected to the Internet through smart mobile devices and
5G looming, this is an area of explosive growth with highly visibility
› AI, AR/VR, Adaptive Learning, and Gamification – these new
technologies and methods are converging to deliver more
personalized and exciting new training experiences for eLearners
Armed with these new innovations, investment in EdTech has gone viral
and global in the last few years with each major region vying for control of
the digital economy of the future
› In non-US markets, funding for EdTech start-ups has surged, reaching
a new record of over $5B in 2018
› Not to be outdone, US deal flow has exploded in 2018 at $8B in M&A
value in 2018 with a heavy mix of PE-led deals
Source: Wall Street Research, Docebo, Grandview Research 2
Market Segment Overview
Three primary categories, and a handful of market titans:
Content: provide the tools to author the material, aggregate and develop content from disparate sources, and publish
Management: facilitate, organize, analyze and administer educational coursework and material for students and teachers
Distribution: make educational content more accessible and engaging through online, gaming, and immersive learning
techniques
3Academic EdTech Landscape
Education Giants
Content Providers Management Systems Distribution
Indicates public companies or subsidiaries DISCLAIMER: This is only a representative list and may not include all relevant companies. If your company is not on the list and
would like to be added for future publications, please email tsnyder@agcpartners.com and we would be happy to consider.
4Corporate EdTech / eLearning Landscape
E-Learning Giants
Content Providers Management Systems Distribution
Indicates public companies or subsidiaries DISCLAIMER: This is only a representative list and may not include all relevant companies. If your company is not on the list and
would like to be added for future publications, please email tsnyder@agcpartners.com and we would be happy to consider.
5Academic EdTech Market: A Massive Wallet, Significantly
Underpenetrated
In 2018, the US alone spent a total of $1.4 trillion on education – representing 7% of total GDP
› All but 8% of that wallet is controlled by non-profit institutions funded by public tax payer dollars or private tuitions /
endowments
› As a result, the pace of technology adoption has been painfully slow. It is estimated that universities and schools
spend less than 5% of their annual budget on IT. This compares to a range of 5-10% for Corporate America.
The US public school system in particular is a patchwork of highly regulated funding mechanisms at the local, state
and federal levels. Virtually every purchasing decision – from the number of computers in a classroom to the content in
a textbook – is rules based
The K-12 sector represents the largest segment of the US Educational Spend by Sector
academic market, closely followed by Higher Ed. Pre-K is a US$ in Billions
distant third $800
› Whereas for-profits have taken over the Early Childhood / 700
Pre-K segment, the public / non-profit model dominates the $696
rest of the academic market 600
› If anything, after surging during the recession, for-profit
500 $480
schools have lost ground in the last few years, not the least
of which has been a strong economy as well as tighter 400
restrictions on student loans
› Enrollment in for-profit universities and educational 300
institutions is typically inversely correlated to unemployment
200
The Public / Non-Profit payer is motivated by two bottom lines: 100
business and social. EdTech vendors must demonstrate high $14
$61
efficacy and impact at both levels 0 $23 $27
Childcare K-12 Higher Ed
At the macro level, EdTech spending is driven by the funding
backdrop, i.e. what remains after budgets are set and taxes For-Profit Non-Profit (Public/Independent)
and tuitions are collected
Source: BMO Capital Markets; The Economist 6K-12 Segment: A Tough Decade Quickly Coming to a Close
On average, 47% of K-12 school revenues in the US comes from State funds and 45% comes from Local funds
› Whereas Local funding has fully recovered from pre-recession levels, helped by rising home values and associated
taxes, 29 States provided less overall funding per student as recently as 2015
› This is changing quickly, however. In the fiscal year ending June 2018, State revenues grew by 6.3% nationwide
compared to an average annual increase of 2.3% over the prior seven years
› Midway through the 2019 fiscal year, 34 States say they are meeting or exceeding revenue forecasts with special
approbations for K-12 education increasing by 26% versus 2018
› This breakout to the upside in both State and Local finances augurs well for K-12 budgets going forward,
accelerating a rebound in funding that has been in progress since 2013
K-12 Funding Fell Sharply After Recession Hit Public Educational Funding by Source
Change in funding per pupil compared to 2008, inflation
adjusted Federal
Revenue
$480
State 8%
Revenue
Local
Revenue
47%
45%
$27 $61
$23
Public Education Funding by Source
Source: Tax Policy Center, CBPP.Org, National Association of State Budget Officers 7Higher Ed: Have Costs Finally Been Contained?
After outstripping the consumer price index by a factor of two for 50 years, prices charged by higher education institutions
to consumers are finally showing some signs of cooling
Since 2011, annual inflation in college tuition prices as measured by the US Bureau of Labor Statistics has downshifted
from a 4-6% range to a 2-2.5% range, roughly in line with CPI
This coincided with a 10% decline in college enrollments, which peaked at 20.6M in 2011 and stands 2M lower today
In this more competitive environment, education providers have been more willing, and in some cases forced, to explore
online courseware to reduce delivery costs and price points. This is especially true as pricing power fades and providers
are unable to pass on their costs in full as was customary in years past
› In 2017, “producer costs” as measured by the Commonfund Higher Education Price Index rose 3.7% vs. a 2.5%
rise in headline tuition rates and college fees, thereby crimping margins for providers
› Should this squeeze continue, it’s likely to further accelerate the move to disruptive technologies in order to better
control costs and improve outcomes
“Producer” Costs Continue to Climb as Enrollment Declines Bureau of Labor Price Change in College Tuition and Fees
% Change from 2011
Cost
Fall Enrollment
Source: Commonfund, EdSurge; NCES, Bureau of Labor Statistics 8The Global EdTech Market: $157B and Growing
Global Ed Tech Market Size
423
The global EdTech market is forecast to surpass (US$ in Billions)
$420B by 2025 from $157B presently, a CAGR of 367
15%+ 319
277
› EdTech represents less than 5% of total global 240
education expenditures 208
181
157
› The bulk of EdTech spending is concentrated in
the US, but China and India represent the
fastest growing markets as their education
systems continue to modernize
Management and Distribution are the fastest 2018 2019 2020 2021 2022 2023 2024 2025
growing segments in the EdTech Market
Ed Tech Growth Rates by Region
› Within the Management segment, LMS and 20%
Learning Analytics markets are expected to
grow 24.7% and 25.9% to 2020, respectively 16%
› Within the Distribution segment, Education
12%
Gaming and MOOC markets are expected to
grow 66.2% and 36.0% to 2020, respectively
8%
› Educational Content providers are seeing slower
growth rates due to the shift towards in-house 4%
content development and proliferation of open
and free resources
0%
Asia Africa Latin Middle Western North Eastern
America East Europe America Europe
Source: Ambient Insights; EdTechXGlobal; Grand View Research 9Variety of End Markets and Business Models
Most Popular Ed Tech Business Models
60%
The industry is still searching for innovative and
sustainable business models
45%
› The most common business model, selling to
institutions such as schools and districts, is
characterized by large contract sizes but also 30%
revenue risk when they go full term
› “Freemium” models offer free product to 15%
teachers, parents and students, and attempt to
upsell to a premium offering for a fee
0%
New entrants can gain significant subscriber Institutional Freemium Consumer Freemium Other
growth by pursuing direct-to-consumer mobile Institutional Consumer
strategies, but monetization remains a challenge
Ed Tech Performance Indicators
› Unlike other industries that monetize
substantial user bases through advertising, Less
Important Time to Profitability
that option is not available in the education
business Retention or
Renewals
› As such, Ed Tech companies are often Unit Economics
required to resort to a traditional “boots on the
ground” strategy that incumbent players in the
User Growth
space have employed for decades
Revenue
More
Important
Revenue Growth
Source: EdSurge; Fresco Capital 10Core Drivers of Ed Tech Adoption
Advances in cloud computing, data analytics, and connectivity make content easier to create and share
US policy encourages and reinforces the adoption of technology by school districts
Proliferation in social media sites supports collaborative and peer to peer learning models
Spiraling college tuitions promote self-paced learning through eBooks and online education
Sky rocketing demand for coding skills drives computer science education to online sources
Rapid rise in global standards in ROW economies creates arms race mandate in US education
Widespread use of mobile devices and tablets promotes interactive courses, gamification of learning
11Distribution Technologies are Disrupting the Market
A decade ago, EdTech was dominated by Learning Management Systems (LMS), which provided
software to manage and facilitate instructional content for schools
› The Blackboard – WebCT merger in 2005 signaled the beginning of the maturation of the LMS market
› The LMS market still attracts $5.2B in annual spending with four firms now controlling 80% of the total
market
Now, big data analytics, mobility, and cloud computing are transforming the way in which educational
content is distributed and consumed
› The primary use of Education Technology is no longer to only manage the learning process, but a new
wave of technologies is changing the way content is delivered
› Content Aggregation, Massive Open Online Courses (MOOCs), Gamification, eBooks, and Immersive
Learning are new technologies that are disrupting traditional educational models
› They provide inexpensive, accessible and comprehensive educational content to the masses
1981 1990 1993 2005 2006 2008 2010 2012 2018
Pearson
First Social
Apple partners with
Implementations Internet begins collaboration
WebCT and Proliferation of announces the edX introduces Google to
IBM introduces of wireless spreading to tools gain
Blackboard online content iPad with MOOCs to develop
first PC student college widespread
Merger aggregators features such as global audience immersive
response campuses adoption in
eBooks learning
systems Education
products
Source: Markets and Markets 12eLearning is Evolving, Driven by the Corporate Market
Corporate eLearning is still evolving and at the cusp of all four “SMAC” technologies (social, mobile,
analytics and cloud)
Corporate eLearning can be defined as all forms of Learning Management Systems (“LMS“) are
electronic media to facilitate training and development increasingly focused on helping employees learn
of a company’s workforce what they need to know over and above the
regulatory requirements
Traditionally, eLearning spend has been compliance
oriented – mandatory training for highly regulated Electronic record-keeping is still critical, but that
persons and industries technology is also changing to accommodate new
media (SCORM to xAPI)
With new channels for communicating, including
social and mobile now invading the workplace, the Moving forward, corporations will increasingly adopt
floodgates have opened for all types of training – SaaS (57% today) and single provider (62% today)
involuntary and voluntary alike LMS solutions
Moreover, this new content can be delivered in a Platforms promoting “user experience” and
more cost-effective and productivity-enhancing “continuous learning” should experience the most
manner growth
Source: Docebo, Capterra 13eLearning is Evolving (Cont’d)
SMAC technologies are reorienting the Corporate eLearning ecosystem
Past Present Future
Monolithic Dis-Aggregation Re-Aggregation
Electronic Record-Keeper Specialized, Siloed Solutions Plug & Play Ecosystem
Learning
Experience
Systems
Legacy Content
Learning Authoring
Tools
Modern Learning
Management Platform Platform
System Integration
Content Lean, flexible and
“Big Brother”, Monolithic Curation integrated to deliver
Tools innovative content
Compliance and
Certification Tracking
Hybrid /
Blended
Learning
SCORM Protocol
SCORM & xAPI Protocol
Involuntary Voluntary
Source: Docebo, Capterra 14Private & Public Markets Reflect Improving Sentiment
EdTech Private Financing
$US in Billions
EdTech private markets cooled in the US after a four 7.0
China
year uninterrupted run, ending in 2015
6.0
US
› 2015 saw a record $1.45B in private funding flowing to
5.0
US EdTech companies with 165 total transactions
› In 2018, funding rebounded to $1.45B, matching the 4.0
2015 record high, albeit on thinner volumes of 110 total
3.0
transactions but larger check sizes
2.0
While US private markets have recovered, fund flows to
Chinese EdTech companies have exploded 1.0
› Investors have been drawn to companies developing 0.0
English language learning applications for Chinese 2014 2015 2016 2017 2018
youth, which number 250 million in grades K-12 EdTech Sector Stock Performance
80%
SP 500
These same trends in improving sentiment and fund 70% EdTech Index
flows have played out in the public markets 60%
After trailing market indices for several years, EdTech 50%
stocks have outperformed over the last two years 40%
30%
In the new issue market, there have been 8 EdTech IPOs 20%
in 2018, equaling the total of the prior 4 years 10%
› Of these 8 IPOs, 4 were Chinese companies which 0%
listed on the NYSE -10%
Note: EdTech index is comprised of these 12 constituents: PSON, TYL, BLKB, CHGG, CSOD, TWOU, PS, INST, SZE:300010,
LTG, KAHOOT, RST, SYZ. Market cap weighted based on local market performance.
Source: EdSurge, Capital IQ, GETChina 15Publicly Traded Ed Tech Firms (>$100M EV)
($ in millions) Market Data Operating Data(c)
Enterprise EV / Revenue EV / EBITDA Revenue EBITDA Revenue Growth LQ Gross EBITDA
Company Value (a) (b) 2018E 2019E 2018E 2019E 2018E 2019E 2018E 2019E 17A/'16A 18E/'17A 19E/18E Margin Margin
Pearson $10,255 1.9x 1.9x 11.6x 10.5x $5,362 $5,473 $881 $974 9% (12%) 2% 51% 16%
Tyler Technologies 6,914 7.4x 6.7x 24.6x 21.6x 938 1,039 $281 320 11% 12% 11% 47% 30%
Blackbaud 3,624 4.3x 4.1x 19.4x 20.5x 850 892 $187 177 8% 8% 5% 55% 22%
Chegg 3,612 11.4x 9.3x 44.0x 32.1x 317 388 $82 113 0% 24% 22% 73% 26%
Cornerstone OnDemand 3,029 5.7x 5.3x 33.2x 23.4x 529 567 $91 129 14% 10% 7% 73% 17%
2U 2,761 6.7x 5.0x NM NM 412 547 $18 12 39% 44% 33% 79% 4%
Pluralsight 1,672 7.3x 5.5x NM NM 231 307 ($43) (28) 27% 38% 33% 75% (19%)
Instructure 1,167 5.6x 4.5x NM NM 209 259 ($16) (11) 43% 32% 24% 71% (8%)
Beijing Lanxum 1,116 3.4x 3.2x ND ND 328 353 37 ND 22% (1%) 8% 48% 11%
Learning Technologies 756 6.0x 4.5x 21.9x 16.1x 126 170 $34 47 102% 79% 35% 25% 27%
Kahoot! 339 ND ND ND ND ND ND ND ND NM NM NM NM NM
Rosetta Stone 336 1.9x 1.8x NM 82.4x 173 191 ($2) 4 (5%) (6%) 11% 79% (1%)
Sylogist 191 6.7x 6.1x 14.1x 12.3x 28 31 $14 16 3% 5% 10% 70% 48%
MEDIAN $1,672 5.9x 4.8x 21.9x 21.1x $323 $371 $36 $47 13% 11% 11% 71% 17%
Notes:
(a) Based on closing stock prices on January 17, 2019
(b) Calculated as Equity Value plus total debt, minority interest (at book value unless otherwise noted) and preferred stock, less cash & equivalents
(c) Projections represent Wall Street consensus mean estimates
Source: Capital IQ 16Transaction Activity Summary – US & Europe
Highlights & Takeaways
Private Placements Ex-China, private capital raised
for EdTech companies in
Western markets has rebounded
Total Number of Transactions Total Capital Raised ($MM) to near-record levels in 2018
Notable recent transactions
$2,231 include the $550M strategic
191 $2,028 investment by Warburg Pincus in
163 Procare and the $130M
136 133 $1,426 investment by TPG in Dreambox
$901 Reflecting the more mature
stage of US and European
EdTech start-ups, M&A volumes
2015 2016 2017 2018 2015 2016 2017 2018
pushed to record highs in 2018
M&A Transactions Notable recent transactions
include the $1.7B acquisition of
Total Number of Transactions Total Transaction Value ($MM) PowerSchool by Onex and the
$1B+ acquisition of Renaissance
by Francisco Partners
119 118
PE firms, in particular, have been
94 $8,061 very aggressive establishing
91 $7,008
$6,027 beachheads in the space, using
platform companies and rapid
fire add-ons to consolidate key
sub-segments of the market
$2,240
2015 2016 2017 2018 2015 2016 2017 2018
17
Source: Capital IQ, 451Research, CrunchbaseTop M&A Deals (2015 – 2018)
Date Target Acquirer Sector Target Business Description Deal Rationale EV ($M)
Ellucian’s industry leadership, global reach, management depth,
Academic Provides enterprise information management software,
Aug-15 and deep vertical focus position the company well for continued 3,500
Mgt. Systems SaaS and services
success and growth
Academic Provides excellent teaching and support to every Cognita presents a very interesting opportunity to create value
Sep-18 2,500
Distribution student to achieve his or her full potential not only for Jacobs Holding but also for society
Blackstone's unique strategy to hold private equity investments
Corporate Provides technology-based educational, curriculum,
Apr-17 in exceptionally high-quality companies for longer periods of 2,000
Mgt. Systems and assessment solutions
time than traditional private equity funds
PowerSchool has an impressive track record of delivering
Academic Offers student information systems and performance
Jun-15 innovative, mission-critical products that serve the diverse 1,744
Content solutions for K-12 schools and districts
needs of educators, parents and students around the globe
Working with management, Vista seeks to scale EAB's best-in-
Academic Provides research, consulting, and systems integration
Aug-17 class thought leadership to its loyal and expanding educational 1,550
Mgt. Systems services for the education sector
member base.
Corporate lynda.com can change the way in which people connect to
Apr-15 Provides online, video-based educational courses 1,500
Distribution opportunity
Academic Provides private education services in the United This transaction will allow us to accelerate our efforts to improve
Feb-17 1,212
Distribution States outcomes for all of our students
Believe in Weld North's vision to become the market leader in
Academic Develops a digital curriculum and tools for preK-
Jan-18 preK-12 digital education. This is the first deal of its size in the 950
Content 12th grade
crriculm space.
Comprises enterprise software developing business for
Academic The education unit provides numerous synergies with Vista-
Dec-16 public administration, public safety, and education 850
Mgt. Sytems owned Powerschool
officials
Corporate Provides online college education services for students Combination will accelerate investment in the educational
Jul-17 800
Distribution in the U.S. experience students receive
Source: Capital IQ, 451 Research, Crunchbase 18Most Active PE Acquirers (2015 – 2018)
Acquirer Number of Acquisitions Notable Transaction Representative Acquisitions
Gradescope, Illuminate, Alpine, SchoolCity, KDS,
Jul-18 - Announced 5-w ay merger to
11 created Illuminate (ND)
Teachscape, Solutions In Mind, Centris, Excent,
eSPED.com, School Netw ork Improvement
Aug-17 - Acquired The Advisory EAB, Pow erschool, SunGard Public Sector, InfoSnap,
10 Board's education business, aka EAB Maximus, Haiku Learning, SRB Education, Chalkable,
($1.5B) TeacherMatch, Performance Matters
Jan-18 - Sale of Weld North Education Intellify Learning, Performance Matters, Big Brainz, Think
6 (KKR to Silver Lake, $950M) Through Learning, Reasoning Mind, CompassLearning
Dec-18 - Acquired Tes Global from TPG Scenario Learning, Convergence Training , Tes Global, Blue
4 (ND) Canary Data Analytics
Sep-18 - Acquired Campus Management DecisionHealth, Pass Perfect Associates, Idenizen
4 Corp (ND) Smartw are, Educaiton Partners
Career Step, Emergency Certifications, Code3 CME, Medic-
4 10-16 - Acquired Medic-CE.com (ND)
CE
5-16 - Acquired Renaissance Learning
3 from Hellman & Friedman (ND)
myON, Discovery Education, Renaissance Learning
3 8-18 - Acquired LifeCubby (ND) ChildCare Education Institute, Frog Street Press, LifeCubby
8-17 - Acquired Frontline Technologies
2 from Insight Venture Partners (ND)
Frontline Technologies, Prologic Technology Systems
2 5-18 - Acquired Destiny Solutions n2y LLC, Destiny Solutions
Source: Capital IQ, 451 Research, Crunchbase 19Most Active Strategic Acquirers (2015 – 2018)
Acquirer Number of Acquisitions Notable Acquisition Representative Acquisitions
AHC Media, Sw ank HealthCare, Assessment & Intelligence
6 Sep-18 - OnCourse Learning (ND) Systems, RediLearning, Academy Medical Systems,
OnCourse Learning
Student Brands, LoudCloud Systems, Paper Rater, MBS
5 Feb-17 - MBS Textbook ($197M)
Textbook Exchange, RFQ
4 Learner's Digest ($150M) Firecracker, Macmillan Learning, Learner's Digest, CPE
Aug-15 - TSS Redmond & Ameriteach AmeriTeach, TSS Redmond, MasterLink Training, 1Staff
4 (ND) Training
Eukleia Training, Watershed Systems, gWhiz, Rustici
4 Jan-16 - Rustici Softw are ($26M)
Softw are
3 Oct-15 - SmartPros ($17M) CleanEdison, SmartPros, Booz Allen Hamilton
Financial Aid Management for Education, Furlong Business
3 Nov-17 - FAME (ND)
Solutions, The Alpha School System
Advanced Instructional Systems, Pathbrite, Learning
3 Sep-16 - WebAssign (ND)
Objects
3 May-16 - Imagine Easy ($42M) StudyBlue, WriteLab, Imagine Easy Solutions, Cogeon
2 Jan-16 - Code School ($36M) Train Simple, HackHands, Code School
Source: Capital IQ, 451 Research, Crunchbase 20Top Financings (2015 – 2018) – US & Europe
Date Company Size ($M) Sector Investors Series Description
Academic Provides solutions to educational institutions to put their
Nov-15 $230 Bertelsmann SE & Co. KGaA Growth
Distribution degree programs online
Advance Publications; Allen & Company,
Academic
Apr-17 $190 Investment Arm; TPG Growth; MainStreet Series D Operates a digital learning and education technology platform
Distribution
Investment Advisors
Corporate Accel Partners; MeriTech Capital Partners; Offers educational training courses in the fields of business,
Jan-15 $186 Growth
Content Spectrum Equity Management; TPG Capital software, technology, and creative skills
Academic Offers online education resource for children ages 2–7 in the
May-16 $150 ICONIQ Capital Growth
Mgt. System US and internationally
Academic Develops and delivers online elementary and middle school
Jul-18 $130 TPG Growth Growth
Mgt. System math software that aligns to the US and Canadian standards
Academic Develops mobile apps including games, online education, and
Jul-18 $124 Innova Capital; Naspers Ventures Growth
Content entertainment apps for adults and kids
Institutional Venture Partners; General Catalyst
Academic Improves communication by helping users find and correct
May-17 $110 Partners; Spark Capital Partners; Breyer Series A
Mgt. System writing mistakes
Capital; Signalfire
CRV; Baillie Gifford & Co.; Bertelsmann Digital
Academic
Nov-15 $105 Media Investments; GV; Andreessen Horowitz; Series D Provides online education courses
Distribution
Drive Capital; Emerson Collective
Academic IVP, NEA, Evolution Media, Atomico, Advancit Provides a premier online education platform redefining the
Sep-18 $80 Series D
Distribution Capital digital learning experience
Austin Ventures; Warburg Pincus; SJF
Academic Ventures; Emergence Capital Partners; New Provides a predictive analytics platform that helps institutions
Sep-15 $70 Series D
Distribution Markets Venture Partners; First Round Capital; to build a strategic analytics infrastructure
Felicis Ventures
Source: Capital IQ, Crunchbase 21Top Funded Companies – US & Europe
Company Total Funding ($M) Sector Lead / Majority Investors Business Description
Academic Provides solutions to educational institutions to put their degree
318.1 Bertelsmann
Mgt. Systems programs online
Academic Bezos Expeditions; Rethink Education; Operates a digital learning and education technology platform
289.0
Distribution TPG Growth through which it offers a range of digital courses
Academic EDB Investments; GSV Asset Operates an online education platform that offers access to
210.1
Content Management; Kleiner, Perkins; NEA courses from universities and organizations worldwide
Provides services for k-8 programs, such as individualized
Corporate
183.0 New Mountain; Tennenbaum Capital learning, tiered intervention, practice and preparation, classroom
Distribution
assessment, and foundational literacy
Corporate .406 Ventures; Commonfunf; Mitsui; NGP; Provides video platform for enterprises, media companies,
178.1
Distribution Sapphire Ventures service providers, and educational institutions
Academic Insight Venture; Lightbank; Naspers Offers online courses for students in the United States and
173.0
Distribution Ventures; Norwest Ventures internationally
Academic Develops and delivers online elementary and middle school math
172.6 TPG Growth
Content software that aligns to the United States and Canadian standards
Corporate Offers online education resource for children ages 2–7 across the
166.5 Angel Capital; ICONIQ
Content United States and internationally
Provides an online integrated learning platform for learners in
Academic
165.0 NEA, OMERS Ventures higher education, K–12, healthcare, government, and enterprise
Distribution
sectors
Academic EBD Investments, TAL Education Group,
157.3 Provides an online adaptive learning engine
Distribution GSV Asset Management
Source: Capital IQ, Crunchbase 22Top Funded Companies – China
Company Total Funding ($M) Sector Lead / Majority Investors Business Description
Academic GGV Capital, Sequoia Capital China, Engages in development, promotion, transfer, consulting and
1,059
Distribution NEA, Goldman Sachs services of education technology
A global education technology company that connects children
Academic Sequoi Capital, Matrix Partners, Tencent
825.0 with the world's best teachers for real-time online English
Distribution Holdings
immersion learning
Owns and operates online study platform 17zuoye.com and
Academic
580.0 CITIC, Temasek Holdings, Shunwei provides technology-based online and mobile language learning
Distribution
solutions
Corporate Goldman Sachs, Tencent Holdings, SAIF
457.0 Designs and develops a question-and-answer website
Distribution Partners
Operates 110 kindergartens, early education centers and training
Academic
365.0 Legend Holdings schools in Shanghai, Suzhou, Nanjing, Chongqing, Changsha and
Distribution
Guangzhou.
Academic Provides online education platforms for students and business
315.0 Alibaba; Qiming Weichaung
Distribution professionals
Develops and operates web-based digital education platform for
Academic Baidu, China Minsheng Group, SB China
277.0 online language learning, communication, information, and
Distribution Venture Capital
services
Academic Provides an exercise database that provides authoritative
243.5 Tencent Holdings, China Media Capital
Distribution contents of previous years' examinations for students
Academic Develops training product and provides online teaching services
211.0 AlphaX; CMC Capital; JD Capital
Distribution to K-12 education
Academic Online platform for academic credit courses with over 2000
207.0 SINA Corporation, Delta Capital
Distribution institutions and 7 million eLearners.
Source: Capital IQ, Crunchbase, GETChina 23Most Active Investors (2015 – 2018)
Investor Number of Investments Representative Investments*
ABL, Accelerate Learning, Backpax, BenchPrep, BetterLesson, Degreed, DreamBox, Imbellus,
22 Kiddom, Kuali, LearnZillion, Lingo Live, New slea, Noodle Partners, Panorama, Piper, Quizlet,
RaiseMe, Securely, Sw ing Education Thinkful, Tinkergarten
AltSchool, Andela, BloomBoard, BrightBytes, Build Academy, Coursera, Edunav, Experiment, FC,
22 Foundry, General Assembly, KidAdmit, Limelight, MissionU, Photomath, Shearw ater, SlideRule,
SoloLearn, Teachable, Varsity Tutors, Wonderw orkshop, Wonderschool
CampusLogic, CollegeVine, Credly, EquitySim, EverTrue, Examity, Galvanize, MissionU, Mitomatic,
21 Mpow er, Packback, Portfolium, Pragya Systems, Ready Education, Revature, Techtonic, UNICAF,
Veridas Learning
Alw ays Be Learning, BetterLesson, Class Tw ist, Elevation, Epic! Creations, FreshGrade, Holberton
17 School, Limelight, Monki Mun, Nearpod, Neuron Fuel, SchoolMint, Stryder, Tapd, Tinkergarten, Mrs
Wordw orth, Piper
Allovue, Alw ays Be Learning, BrightBytes, Civitas Learning, Crehana, Degreed, EverFi, General
17 Assembly, Guild, Imbellas, Know ledge to Practice, Lessonly, MissionU, NoRedlnk, Trilogy, Voxy,
Wonderschool
BenchPrep, Bridge Academies, Coursera, Desire2Learn, Duolingo, Edmodo, EverFi,
10 MindTickle,Neuron Fuel, FiftyThree
9 Vidcode, Peergrade, Limelight, Ready Education, Rocketlit, Leada, Mimir, WayUp, Cribspot
8 Sw ing Education, CodeSpark, Allovue, Educents, NoRedInk, Enuma, CodeHS, SchoolMint
Wonderschool, Knew ton, Raise Labs, Civitas Learning, Percolate Industries,
7 Earnest Operations, Koru Careers
7 RealtimeBoard, Knew ton, MindTickle, Tangible Play, Grovo Learning, Lynda.com, Vedantu
* Excludes seed rounds Source: CapIQ, Crunchbase 24Mergers & Acquisitions 2015 - 2018 For disclosed transactions
EdTech M&A (Cont’d)
Transaction Target EV /
Date Target Acquirer Value ($M) TTM Rev TTM Rev Target Description
Offers online game which teaches computer programming to children which
Dec-18 CodeMonkey Studios TAL Education Group $20 ND ND
includes language CoffeeScript
Provides an online training platform that enables the businesses to access
Nov-18 Grovo Learning Cornerstone OnDemand 24 ND ND
technology, content, and service to align, educate, and inspire their teams
Operates as a holding company for businesses that provide traditional and
Oct-18 Cambium Learning Veritas Capital 744 159 4.7x
software-based educational curriculum for the education sector
Provides exceptional learning at its preschools, schools, university pathway
Sep-18 ACG Education Inspired 500 ND ND
programs, and vocational colleges
Provides excellent teaching and support to every student to achieve his or her full
Sep-18 Cognita Schools Jacobs Holding 2,500 ND ND
potential
Provides Microsoft Windows-based child care management software, SaaS,
Aug-18 Procare Software Warburg Pincus 550 ND ND
services and integrated hardware for businesses globally
Provides a crowdsourced learning website and mobile app for students and
Jul-18 StudyBlue Chegg 21 ND ND
teachers globally through www.studyblue.com
Jun-18 Qwizdom Boxlight 3 ND ND Provides classroom presentation and engagement solutions
Provides AI-enhanced software that helps high school students with grammar,
May-18 WriteLab Chegg 15 ND ND sentence structure and writing style, and gives them feedback for revisions, edits
and improvements to their written work
Apr-18 Vocado Oracle 130 8 16.3x Provides financial aid management SaaS for higher education institutions
Provides online IT, digital marketing and Web development, and software
Apr-18 General Assembly Adecco Group 413 $100 4.1x
development courses for consumers globally
Offers student information systems and performance solutions for K-12 schools
Apr-18 PowerSchool Group Onex 1,744 ND ND
and districts
Apr-18 Embibe Reliance Industries 180 ND ND Provides AI-based education data analytics SaaS to schools in India
Operates an online platform that enables educators to connect and collaborate
Apr-18 Edmodo Best Assistant Education Online 138 1 136.3x
with students, parents, and each other
Provides an online and mobile medical education, learning and exam preparation
Mar-18 Firecracker Wolters Kluwer Health 11 ND ND
service for healthcare markets and students and higher learning institutions
Source: Capital IQ, 451 Research, Crunchbase 26EdTech M&A (Cont’d)
Transaction Target EV /
Date Target Acquirer Value ($M) TTM Rev TTM Rev Target Description
Discovery Education [Discovery Provides e-textbooks, online learning materials, and professional development
Feb-18 Francisco Partners $120 ND ND
Communications] training for K-12 schools and educators
Jan-18 Weld North Education Silver Lake Partners 950 ND ND Develops a digital curriculum and tools for preK-12th grade
Nov-17 Big Universe K12 3 ND ND Provides K-12 literacy education SaaS to schools
Oct-17 Capella Education Strayer Education 800 440 1.8x Provides online college education services for students in the U.S.
Provides a mobile application that helps high-school and college students with
Oct-17 Cogeon Chegg 27 ND ND
their mathematics problems
Engages in academy franchise, after class education service, publication, and e-
Oct-17 A1N Co-link Private Equity Co. 96 12 7.7x
learning business in South Korea
Provides educational services in the Middle East, North Africa, East Asia, and
Sep-17 Educational Holding Group Boubyan Petrochemical 245 38 6.5x
internationally
Develops a learning management system that manages, delivers, and tracks
Sep-17 Absorb Software Silversmith Capital Partners 59 ND ND
online and instructor led training events
Provides research, consulting, and systems integration services for the
Aug-17 EAB Vista Equity Partners 1550 ND ND
education sector
Publishes print and digital K-12 resources, standards-aligned instructional
Aug-17 Triumph Learning School Specialty 20 25 0.8x
materials, and literacy programs for students and teachers in the United States
Provides online study and writing skills education services for high school,
Aug-17 Student Brands Barnes & Noble Education 585 ND ND
college, and post-graduate students
Provides school network and computer lab management SaaS for businesses in
Aug-17 Impero Software Investcorp Technology Partners 36 ND ND
the education industry
Jul-17 JumpStart Games NetDragon Websoft 26 ND ND Designs and produces educational mobile and multiplayer online games
Jun-17 Learning Heroes CallidusCloud 10 ND ND Provides online professional development courses for businesses in Europe
May-17 GetSmarter 2U 103 17 6.1x Provides online short education courses for working professionals in South Africa
Source: Capital IQ, 451 Research, Crunchbase 27EdTech M&A (Cont’d)
Transaction Target EV /
Date Target Acquirer Value ($M) TTM Rev TTM Rev Target Description
Apr-17 Ascend Learning Blackstone 2,000 ND ND Provides technology-based educational, curriculum, and assessment solutions
Provides gamified education SaaS to help children from Pre-K to Grade 2 to learn
Apr-17 Ooka Island Scholastic $10 ND ND
to read
Provides an online scholarship application software solution for community
Apr-17 AcademicWorks Blackbaud 50 ND ND
colleges, public and private institutions, universities, and foundations
Develops, markets, and sells software-as-a-service based talent management
Feb-17 Halogen Software Saba Software 212 72 2.9x
software solutions worldwide
Provides performance, knowledge, and learning management solutions
Feb-17 NetDimensions Learning Technologies Group 67 25 2.6x
worldwide
Provides K-12 education assessment management software for schools and
Jan-17 Questar Assessment ETS 128 ND ND
educators
Vista Equity Partners
Dec-16 SunGard 850 ND ND Provides ERP administration SaaS for the K-12 business
Management
Provides financial and payment processing software and services for higher
Jun-16 Higher One Blackboard 263 152 1.7x
education institutions
May-16 Imagine Easy Solutions Chegg 42 ND ND Operates multiple websites that provide online academic tools
Apr-16 LTS Education Systems K12 23 8 2.9x Designs and develops digital game-based learning platforms and software
Provides external, SaaS, cloud-based learning management solutions (LMS) for
Apr-16 ViewCentral Callidus Software 4 ND ND technology, financial services, biosciences, human resources, consulting, and
other industries
Provides accounting professional training course software, as well as teaching
Mar-16 Xiamen NetinNet Software China Distance Education 33 ND ND
simulation software, for colleges and college students in China
Provides school parent and staff communications software-as-a-service that
Mar-16 Synrevoice Technologies West 9 ND ND enables the dissemination of daily attendance and school-wide messages for K-
12 schools and districts
Provides courseware and learning management, workforce training and related
Mar-16 LoudCloud Systems Barnes & Noble Education 18 ND ND
analytics SaaS for educational institutions and businesses
Feb-16 Colloquy ND 19 ND ND Develops and supports online higher education programs
Source: Capital IQ, 451 Research, Crunchbase 28EdTech M&A (Cont’d)
Transaction Target EV /
Date Target Acquirer Value ($M) TTM Rev TTM Rev Target Description
Provides content on a learning network for children, families, and teachers
Feb-16 Cricket Media Group ZG Ventures $32 13 2.4x
worldwide
Feb-16 LeapFrog Enterprises VTech 72 284 0.3x Provides child-oriented hardware and software
Provides standards compliance, content management and collaboration software
Jan-16 Rustici Software Learning Technologies 26 7 3.9x
for E-learning institutions
Provides electronic learning management SaaS, including collaboration, student
Oct-15 Wizlearn Technologies V-cube Global Services 14 ND ND
assessments and mobile device-based learning, for K-12 schools globally
Provides Internet-based e-learning solutions with customized contents to various
Oct-15 Wizlearn Technologies V-cube 14 11 1.2x
corporate organizations, government institutions, and agencies
Provides interactive whiteboards, wireless presentation devices, and electronic
Oct-15 Promethean World NetDragon Websoft 130 ND ND
pens
TPG Capital / Leonard Green
Aug-15 Ellucian 3,500 ND ND Provides enterprise information management software, SaaS and services
Partners
Provides mobile and online continuing medical education (CME) audio and video
Aug-15 Learner's Digest International Wolters Kluwer Health 150 ND ND
content for the healthcare industry worldwide
Provides an online community destination where former high school classmates
Aug-15 Classmates Intelius 30 ND ND
can locate each other and plan events
Houghton Mifflin Harcourt Provides a reading app that digitalizes children’s stories and adds features such
Aug-15 MeeGenius 1 ND ND
Company as word highlighting and audio playback
Aug-15 Smart Tuition Blackbaud 190 30 6.3x Provides on-site and cloud-based tuition payment processing
Provides e-learning services and learning technologies to corporate and
Jul-15 Eukleia Training Learning Technologies 17 8 2.2x
government clients
Offers online education courses on Health Insurance Portability and
Jul-15 BridgeFront Callidus Software 5 ND ND Accountability Act (HIPPA), compliance, revenue cycle, risk management, and
communication skills
Provides online digital marketing training, including SEO, PPC, mobile and social
Jun-15 Market Motive Simplilearn Solutions 10 ND ND
media marketing, and display advertising training for businesses and individuals
Jun-15 PowerSchool Vista Equity Partners 350 97 3.6x Provides web-based and mobile student information system (SIS) software
Source: Capital IQ, 451 Research, Crunchbase 29EdTech M&A (Cont’d)
Transaction Target EV /
Date Target Acquirer Value ($M) TTM Rev TTM Rev Target Description
Creates, develops, supplies, and supports learning technology solutions primarily
Jun-15 Promethean World Best Assistant Education Online $141 181 0.8x
for the education market
Jun-15 EliteMedianet Oakley Capital 24 34 0.7x Provides an online academic and degree-focused dating service
Scholastic (EdTech business
Apr-15 Houghton Mifflin Harcourt 575 ND ND Provides curriculum-based online educational courses
assets)
Operates an online visual editing platform that allows users to turn 3D content
Apr-15 Verold Box 5 ND ND
into interactive presentations on the Web
Apr-15 lynda.com LinkedIn 1,500 150 10.0x Provides online, video-based educational courses
Provides student management software, including admissions, enrollment and
Mar-15 Callista Software Services Tribal Group 3 13 0.2x
fees management, for educational institutions in Australia
Provides software as a service model human resources and talent management
Feb-15 HRsmart Deltek 45 ND ND
software solutions for companies to attract, hire, develop, and retain talent
Provides employee training, performance management, learning and
Feb-15 Saba Software Vector Capital 268 ND ND assessment management, compensation management, collaboration and Web
conferencing SaaS
Provides online computer programing instructional video courses, screencasts
Jan-15 Code School Pluralsight 36 ND ND
and tutorials website
Source: Capital IQ, 451 Research, Crunchbase 30Private Placements 2015 – 2018 For investments of $20M and above
EdTech Private Placements
Amount
Date Target Investor Round Raised ($M) Investors Target Description
Stanford University; REV Venture Partners; State Street
Operates an online social knowledge network platform that allows
Dec-18 EdCast Growth $34 Global Advisors; SoftBank Capital; Mistletoe Corp; Cervin
individuals and organizations to build their knowledge network
Ventures
Gemini Israel Funds; Viola Ventures; Vintage Investment
Provides cloud-based service management platform that helps
Nov-18 Samanage Series D 30 Partners; Morgan Stanley Private Equity; Marker; Salesforce
organization to unlock the potential of their employees
Ventures
Designs and develops whiteboarding platform for cross-functional
Nov-18 RealtimeBoard Series A 25 Accel Partners; AltaIR Capital
team collaboration
Provides a premier online education platform redefining the digital
Sep-18 MasterClass Series D 80 IVP, NEA, Evolution Media, Atomico, Advancit Capital
learning experience
CICC, Sequoia Capital China, Everest Venture Capital, GX Provides a robotics construction platform for makers and STEM
Aug-18 Makeblock Series C 43
Capital learners to turn ideas into reality
Discovers and distributes eBooks, eTextbooks, digital course
Aug-18 RedShelf Series C 25 DNS Capital packets, publisher product codes, print on demand, and digital
OER online for student learners
Provides students with tailored recommendations for exactly what
Aug-18 Knewton Debt 25 TriplePoint Capital to study and teachers with analytics to better support each
student
Andreessen Horowitz, Omidyar Network, Gary Community
Offers a platform where people can start infant and toddler
Aug-18 Wonderschool Series A 20 Investments, First Round Capital, Correlation Ventures,
programs and preschools out of their homes
Abstract Ventures
Aug-18 Procare Software Growth 550 Warburg Pincus Provides integrated child care management technology solutions
Develops and delivers online elementary and middle school math
Jul-18 DreamBox Learning Growth 130 TPG Growth
software that aligns to the United States and Canadian standards
Felicis Ventures, Bessemer Venture Partners, Redpoint,
Offers classes, programs and degrees for working adults, with a
Jul-18 Guild Education Series C 40 Silicon Valley Bank, Salesforce Ventures, Harrison Metal,
path for them to move forward in their education and career
Cowboy Ventures, Rethink Education, Workday Ventures
Union Square Ventures; Amasia; Burda Principal Operates an online learning community for creators around the
Jul-18 Skillshare Series C 28
Investments; Spero Ventures world
Accel Partners; Bessemer Venture Partners; FirstMark
Jul-18 Knewton Debt 25 Capital; Sofina Société Anonyme; First Round Capital; Provides an online adaptive learning engine
Founders Fund; Atomico Investment
Catalyst Investors, University Ventures, New Markets
Jul-18 Galvanize Series C 32 Provide a school for entrepreneurs, engineers, and data scientists
Venture Partners, ABS Capital Partners
Develops apps in various platforms for mobile phones,
Jul-18 Movile Internet Móvel Growth 124 Innova Capital; Naspers Ventures smartphones, and tablets, including games, online education, and
entertainment apps for adults and kids
Source: Capital IQ, Crunchbase 32EdTech Private Placements (Cont’d)
Amount
Date Target Investor Round Raised ($M) Investors Target Description
Provides K-12 contracted instructional services in the United
Jun-18 Catapult Learning Debt $21 ND
States
General Atlantic Service Company; Bpifrance
Designs and develops an online Web platform that offers online
May-18 OpenClassrooms Series B 60 Investissement; Alven Capital Partners; Citizen Capital
educational courses accessible to all
Partenaires
Offers ClearCost, a cloud-based student financial aid engagement
Apr-18 CampusLogic Growth 55 JMI Equity
platform.
Tennenbaum Capital Partners; New Mountain Capital; New Provides online learning programs to drive student achievement for
Apr-18 Edmentum Growth 25
Mountain Finance academic and career success
Insight Venture Partners; Seaya Capital Gestión, SGEIC; Develops educational games for K-12 children on mobile and
Mar-18 Yogome Series B 27
Variv Capital; Exceed Capital Partners browser-based platforms
Signal Peak Ventures; Owl Ventures; Jump Capital; Provides a lifelong learning platform to track, discover, and
Mar-18 Degreed Series C 42
Founders Circle Capital; GSV Acceleration recognize learning
Operates an online quality-oriented education platform targeting
ZhenFund; Gopher Asset Management; Fosun RZ Capital;
Mar-18 Chengzhangbao Series B 24 K12 students that provides online courses for children to improve
Gene Capital
language logic, mathematical logic, memory, and attentiveness
Technology Crossover Ventures; Learn Capital; Chan
Feb-18 Varsity Tutors Series C 50 Offers in-home and online private academic tutoring services
Zuckerberg Initiative
Africa Crest Operates K-12 schools across the African continent and a chain of
Feb-18 Venture 20 Dubai Investments
Education schools under the name SABIS
Altos Ventures; Icon Ventures; Union Square Ventures; Owl Develops and builds learning tools for students and teachers
Feb-18 Quizlet Series B 20
Ventures; Costanoa Venture Capital worldwide
Africa Crest
Jan-18 Venture 20 Dubai Investments Owns and operates K-12 schools across the African continent
Education
MindTickle Interactive Accel Partners; Canaan Partners; New Enterprise Provides a social learning platform for organizations and
Dec-17 Series B 27
Media Associates; QUALCOMM Ventures corporations in various industries
Develops apps in various platforms for mobile phones,
Nov-17 Movile Internet Móvel Growth 82 Innova Capital; Naspers Ventures smartphones, and tablets, including games, online education, and
entertainment apps for adults and kids
Madrona Venture Group; SOFTBANK Ventures Korea; Vtron
Oct-17 Wonder Workshop Series C 41 Group; TAL Education Group; Tencent, Investment Arm; Offers dash and dot robots that help kids to learn to code
Maven Ventures Growth Labs; Mindworks Ventures
Beijing Gaosibole The Hina Group; Sinovation Ventures Enterprise
Develops training product and provides online teaching services to
Sep-17 Education Growth 83 Management; CMC Capital Partners; China International
K-12 education
Technology Capital; Loyal Valley Capital; AlphaX Partners
Source: Capital IQ, Crunchbase 33EdTech Private Placements (Cont’d)
Amount
Date Target Investor Round Raised ($M) Investors Target Description
Develops a learning management system that manages, delivers,
Sep-17 Absorb Software Growth 59 Silversmith Capital Partners
and tracks online and instructor led training events
Engages in academy franchise, after class education service,
Aug-17 A1N PIPE $27 ND
publication, and e-learning business in South Korea
Develops a language learning platform for for businesses, schools,
Jul-17 Duolingo Series E 25 Drive Capital
and governments globally
Beijing Combanc
Jun-17 Venture 24 Beijing Lanxum Technology Develops educational software
Technology
GSV Capital; Kleiner Perkins Caufield & Byers; New
Operates an online education platform that offers courses from
Jun-17 Coursera Series D 64 Enterprise Associates; The Lampert Foundation,
universities and organizations worldwide
Endowment Arm; Learn Capital
Provides an online platform that enables users to view and
REV Venture Partners; Social Capital; CAA Ventures;
May-17 CreativeLIVE Growth 25 purchase online courses related to photography, video, design,
Greylock Partners; GSV Acceleration
business, audio, music, crafting, and software training
Institutional Venture Partners; General Catalyst Partners; Develops an online grammar and spelling checker that improves
May-17 Grammarly Series A 110
Spark Capital Partners; Breyer Capital; Signalfire communication by helping users find and correct writing mistakes
Advance Publications; Allen & Company, Investment Arm;
Apr-17 EverFi Series D 190 Operates a digital learning and education technology platform
TPG Growth; MainStreet Investment Advisors
Develops and provides a software solution for data collection and
Apr-17 Qualtrics Series C 180 Accel Partners; Insight Venture Partners; Sequoia Capital
analytics
Kleiner Perkins Caufield & Byers; New Enterprise
Operates an online education platform that offers courses from
Mar-17 Coursera Series D 64 Associates; The Lampert Foundation, Endowment Arm;
universities and organizations worldwide
Learn Capital; GSV Asset Management
Inherent Group; Trinity Capital Investment; University
Mar-17 Examity Series A 21 Enables trainers to create mobile courses and learning games
Ventures
Insight Venture Partners; Krillion Ventures; Reach Capital; Provides a cloud-based platform to enhance the learning process
Mar-17 Nearpod Series B 21
GSV Acceleration in classrooms and distance learning
Accel Partners; Upfront Ventures; J.F. Shea Venture
Develops a hardware gaming device for kids that connects to iPad
Dec-16 Tangible Play Series B 24 Capital; Mattel; K9 Ventures; Collaborative Fund; Houghton
and iPhone
Mifflin Harcourt Company; Calibrate Partners
Nov-16 Inkling Systems Series E 25 Sequoia Capital; Sapphire Ventures; Tenaya Capital Provides cloud publishing platforms to create and publish content
Nov-16 Axonify Venture 27 JMI Equity; BDC Venture Capital Provides an eLearning platform for corporate learning
Source: Capital IQ, Crunchbase 34EdTech Private Placements (Cont’d)
Amount
Date Target Investor Round Raised ($M) Investors Target Description
Operates a game-based learning and trivia platform for schools,
Sep-16 Kahoot! Series A 20 Northzone Ventures; Creandum; M12 businesses, and professional users in the United States and
internationally
ABS Capital Partners; University Ventures; Aspen Grove Offers education, workspace, and networking for students,
Aug-16 Galvanize Series B $45
Capital; Colorado Impact Fund; Teamworthy Ventures startups, and large companies in the United States
CRV; Madrona Venture Group; WI Harper Group; Innovation
Jul-16 Wonder Workshop Series B 20 Offers dash and dot robots that help kids to learn to code
Works; TCL; Learn Capital; Sinovation North America
Develops science, technology, engineering, and mathematics
Jul-16 Slate Science Series B 45 ND
educational applications for tablets
New Enterprise Associates; Advance Publications; Silicon
Jul-16 EverFi Series C 40 Valley Bank; Bezos Expeditions; TomorrowVentures; Operates a digital learning and education technology platform
Rethink Education; Rethink Impact
Index Ventures; Union Square Ventures; Flybridge Capital
Jul-16 Codecademy Series C 30 Offers online training classes on coding
Partners; Naspers Ventures
Offers online courses for students in the United States and
Jun-16 Udemy Growth 60 Naspers Ventures
internationally
Operates ABCmouse.com Early Learning Academy that offers
May-16 ABCmouse Growth 150 ICONIQ Capital
online education resource for children ages 2–7
Offers courses that give professional certification and skills training
Feb-16 KooLearn ND 49 Tencent Holdings, Investment Arm in areas such as Business English, Finance, Management, and IT
training
Provides an online training platform that enables the businesses to
Accel Partners; SoftTech VC; Costanoa Venture Capital;
Jan-16 Grovo Learning Series C 40 access technology, content, and service to align, educate, and
RSE Ventures, Investment Arm; Vayner/RSE
inspire their teams
Provides a technology and services platform that delivers
Jan-16 Everspring Venture 28 ND
customized and integrated education solutions online
General Catalyst Partners; GSV Advisors; Reach Capital; Operates an online classroom tool that helps teachers enhance
Dec-15 ClassDojo Series B 21
Signalfire behavior in their classrooms.
Provides solutions to educational institutions to put their degree
Dec-15 HotChalk Growth 83 ND
programs online
Provides a lifelong learning platform to track, discover, and
Dec-15 Degreed Series B 21 Jump Capital; Signal Peak Ventures; Rethink Education
recognize learning
Birchmere Ventures; Catalyst Investors; Catamount Provides online speech therapy, occupational therapy, behavioral
Nov-15 PresenceLearning Series C 25 Ventures Management; New Markets Venture Partners; and mental health, and other special education related services to
Blue Heron Capital K-12 students and school districts
Source: Capital IQ, Crunchbase 35You can also read
