Edtech & Future of Work Highlights - February 2023

Monthly Fundraisings

• February’s fundraising pace ($604m) exceeded January’s ($390m), but is still far below last years’ levels ($1.7bn).
• This drop is mainly driven by the decrease of average amount raised (7.5m VS 19.5m) as the amount of rounds closed has only dwindled by 25% vs. last year (132 in Jan-Feb 23 vs.175 in Jan-Feb 22).
• North American companies attracted most of the global funding amount (51%). 22% of total funds have been raised in Europe, which confirms Europe’s growing influence on the global Edtech & Future of Work stage.
• Bitwise Industries closed the largest round, raising a $80m Series C from Citibank, Goldman Sachs Asset Management, Kapor Center for Social Impact and Motley Fool Ventures.

Some notable funding rounds around the world

• Other notable funding rounds include: NxtWave ($33m, India), Plum ($6m), Buk (35m, Chile, HRIS)
• Future of Work: Brigad (France) secured a $42m Series B round, Finch $19m in a Series B round, Riot a $12m Series A round.
• Future of Education: Sdui and Knowunity both closed extension rounds to their Series A round raising respectively $19m and $9.5m raised.

M&A Deals

• There were 36 M&A deals in February
• Study.com acquired Enhanced Prep, a 1-on-1 and small group personalized tutoring company. The online course leader will now be able to provide personalized learning at scale. We expect continued consolidation in the tutoring and test prep segments.
• The New York City-based private equity fund PPC acquired Edustaff (an education staffing company, 550 clients across 11 US states). This funding will help the company’s expansion in the US market.

Trend of the month

Source: Educapital, Crunchbase, Dealroom

Infographic — February 2023