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The EdTech Episode #1

This March we will reach the second anniversary of our Venture Scouts program. The scouts represent a community of people from across the Navitas network, united by a passion for advancing innovation in education, and we recently launched a series of blogs that showcase their on-the-ground perspectives from China, the USA, Europe and Australia.

We keep our scouts updated on trends in the sector through a newsletter very much like this one, and we felt that if they got value from it then so could you.
On an ongoing basis we would like to share what we see in the market with you. You are receiving this because you previously registered to receive updates from Navitas Ventures, and if you feel others would get value from this newsletter please direct them to
our website.
As usual we welcome your feedback so please reach out with any comments and we will look to incorporate them in future releases.
- Tim Praill, Head of Navitas Ventures
Market News
EdSurge reports that US EdTech companies raised US$1.45B in 2018, up from US$1.2B in 2017. While the average deal size increased, the largest US investment rounds continued to lag their equivalents in China.

BrightEye Ventures has released a report on European EdTech investment from 2014-18. Despite a significant increase in EdTech VC funding over the period, BrightEye estimates that overall European funding remains well behind China and the US.
Company News
2U and Keypath Education announced a strategic partnership, cemented by 2U making an investment into Keypath.

Trilogy Education, which partners with universities to run coding programs, has launched its first program in Australia through a partnership with Monash University.

Fullstack Academy, a coding bootcamp provider, has entered the university partnerships space with the launch of an online program together with Cal Poly.
DaDa, a Chinese English language tutoring platform, raised a US$255M Series D round. Warburg Pincus led.

Andela, an outsourcing company that trains African software developers and places them into remote work for companies overseas, has raised US$100MGeneration Investment Management led.

ClassDojo, which develops K-12 classroom behaviour management and communication tools, has raised US$35M in a Series C round. GSV and Signalfire led.

Kuali, a US-based software developer for HE, has raised US$12M in a Series A-1 round. Owl Ventures and Mercato Partners led. 

Elsa, which develops an app for language learners to improve their English pronunciation, has raised US$7M in a Series A round. Gradient Ventures led.

Civitas, an analytics provider for student success in higher education, raised a funding round on undisclosed terms. Francisco Partners, a private equity firm, led.

Ardian, a private equity firm, has bought Study Group, a pathways provider, for a reported £500M.
Pearson has sold its US K-12 courseware business to Nexus Capital Management for US$250M. The deal comprised US$25M upfront and US$225M via a vendor note, plus an amount linked to future performance.

Byju's has acquired Osmo for US$120M. Osmo offers augmented reality products for the K-12 market combining educational toys with an iPad camera. This is one of the first major acquisitions of a developed market company by an emerging market education unicorn.

TAL Education Group of China has acquired Ready4, a test prep and admissions consulting platform, for an undisclosed amount.

Quad Partners, a private equity firm, has acquired a majority stake in SchoolAdmin, which provides software for K-12 schools.

Instructure, the developer of Canvas, has acquired Portfolium, a badging and e-portfolio company.

EdCast, a corporate learning experience platform (LXP) provider, has acquired Leapest, a B2B training content marketplace.

Project Management Academy, a L&D provider backed by Leeds Equity Partners, has acquired Watermark Learning, a training provider.
New Funds

Owl Ventures, a US-based EdTech investor, has raised US$315M for its third fund. The money will be spread between Series A deals and growth-stage investments.
Final Thoughts

Free Solo is an amazing documentary that chronicles the extraordinary ropeless ascent of Alex Honnold up El Capitan in Yosemite USA. It won the 2019 Oscar for Best Documentary and I would recommend it to anyone (irrespective of whether you like rock climbing). If you have a spare 5 mins, watch this awesome clip of the man himself.
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