London edtech fund raises $54m for investment in new companies
A London education technology fund has announced that it has raised $54m to invest in new companies and grow its team over the next three years.
Brighteye Ventures, an edtech venture capital fund, has closed its second fund, bringing assets under management to more than $112m.
Funding for the round comes from a mix of existing and new investors, and will be invested in between 15 and 20 companies across the next three years.
Brighteye will also be expanding its advisory team to support the new fund and expects to grow from three members to ten within the next 12 months.
Alex Spiro Latsis, managing partner at Brighteye Advisors, commented: “While Brighteye Ventures has long advocated for greater adoption of tech-enabled learning solutions, we scarcely imagined the size of the move that closing 90 per cent of global schools would provoke in Europe, the US and beyond.
“This has led to massive adoption in the last few months, but the effects will persist. Post-crisis we expect broader awareness of tech enabled learning tools to continue to drive increased adoption as consumers and businesses look to enhance skills through the coming recession and recovery.
“Brighteye Ventures’ new funding injection will allow us to support the most exciting companies in the market, and ensure our portfolio founders are well-placed to capitalise on the growth potential.”
Benoit Wirz, partner at Brighteye Advisors, said: “People’s need to learn is neither transient nor discretionary, education is necessary for society to function, but the way we learn needs to evolve.
“Adults face a growing need for reskilling/upskilling in the face of economic turmoil. People - young and old - want to realize their potential via dynamic and relevant learning experiences.
“At their core, the companies we invest in add value to the learning experience by being cheaper, more engaging, more relevant and more efficient than traditional offerings. Our existing portfolio spans the breadth of learning technology.
“We can’t wait to partner with a new crop of entrepreneurs helping to match potential with opportunity at scale.”
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