Copy
View this email in your browser
The EdTech Episode #15


Dear readers,

I hope you're all keeping well.

This month, we saw two Europe-based EdTech investors announce new funds - 
Emerge Education, a veteran of the UK EdTech scene, and Sparkmind, a Finnish VC firm making its debut.

We also bring you the usual round-up of transactions from around the world. So far, the March quarter has been dominated by large, K-12 rounds in emerging markets, with
Unacademy (India) being one recent example. Developed markets fundraising rounds have largely been in the post-secondary sector - for instance, Udemy (US) and Le Wagon (France).

- Peter Sahui
Market News

NC-SARA, a US distance learning association, found a slight majority of students in participating institutions (54%, or 1.5 million) were enrolled in-state in 2019. A further 1.3 million (46%) were enrolled out-of-state.

EduGrowth and Deloitte
have released the latest issue of the Australian EdTech Market Census, which finds that the sector has been scaling up since the previous issue was released in 2017.
Company / Institution News

Udacity has announced an "AI for business leaders" course. This marks an expansion of its repertoire, which typically focuses on technical courses.
Fundraising

Lanxum, a Shenzhen-listed company that provides EdTech and information security products, has raised US$218M through a private placement.

Unacademy, a India-based online test prep provider,
has raised a US$110M Series E round. General Atlantic, Sequoia Capital India and Facebook led.
 
Udemy, a US-based marketplace for short online courses,
has raised a US$50M round from Benesse, a Japanese strategic investor.

SnapAsk, the Hong Kong-based provider of a tutoring service based on taking photos of a problem,
has raised a US$35M Series B round. Asia Partners and Intervest led.

51CTO, a Chinese IT training provider,
has raised a US$20M Series C round. Gaocheng Capital led. 

Le Wagon, a France-headquartered bootcamp provider, has raised a €17M (approx US$19M) funding round. Cathay Capital led.

Talespin, a US-based developer of VR training software,
has raised a US$15M Series B round. Cornerstone OnDemand led.

Fruit Pulp Online School (Guo Rou), a Chinese online tutoring company,
has raised over 100 million RMB (approx US$14M) over back-to-back Series A and A+ rounds.

Whales English , a Chinese online English education provider,
has raised a 100 million RMB Series B round. Sino-Ocean led.

Sanar, a Brazilian provider of healthcare education resources,
has raised US$11.5M according to an SEC filing.

Zookal, the Australian operator of an online textbook shop,
has raised A$15M (slightly under US$10M). Koh Boon Hwee and Bernard Sabrier led.

Trybe, a Brazilian provider of tech courses,
has raised a US$9.2M Series A round. Atlantico led.

Honorlock, a US provider of online proctoring services,
has raised US$8M, according to an SEC filing.

Paper, a Canadian provider of online academic student support for K-12 schools,
has raised a US$7.5M funding round. Reach Capital led.

Coding Ninjas, a India-based online provider of tech courses,
has raised a US$5.2M Series A round from Info Edge.

Sharpist, a German company that delivers executive coaching via an app,
has raised a US$5M seed round. Vorwerk Ventures led.

Nepris, a US company which connects schools to industry videos and guest speakers,
has raised a US$5M Series A round. K12 led.

Lingumi, the UK-based developer of an English language learning solution for small children,
has raised £4M (approx US$5M). North Summit Capital led.
M&A
Cornerstone, a corporate LMS provider, has agreed to acquire Saba for US$1.4B in cash and stock. The deal is expected to close in 2Q 2020.

Blackboard has
agreed to sell its Open LMS business to Learning Technologies Group for US$32M. The deal is expected to close in early 2Q 2020.

Elsevier
has acquired Authess, the developer of an "authentic assessment" solution.
New Funds

Sparkmind, a dedicated EdTech VC based in Helsinki, has announced the first close of its inaugural fund at €40M (approx US$45M). It will target seed to Series B investments with a maximum cheque size of €5M.

Emerge Education, the London-based EdTech accelerator and investor, has announced the first close of a new, £10M fund. The fund will make £200K-£250K pre-seed and seed investments in 20-25 European companies, with the ability to increase its ticket to £1M in later rounds.
Find Navitas Ventures online at navitasventures.com.
Copyright © 2020 Navitas, All rights reserved.


Want to change how you receive these emails?
You can update your preferences or unsubscribe from this list.