No. 506 | October 21, 2020 | | | | | Innovate | | Edtech insights for decision makers | | |
Investors are flocking to edtech, and a recent blog post from Andreessen Horowitz, one of the biggest names in the VC business (and which coined the "software is eating the world" motto) shows why they're so excited.
One major source of enthusiasm: Parents playing a bigger role—and forking over money for educational tools and services. This could "cut through the red tape" typically involved in school sales cycles, especially as states and districts brace for a shortfall in public funding.
Like most investor theses, though, there are questionable assertions. Like the belief that "the first wave of modern edtech was dominated by MOOCs," even though there was plenty of investment capital that went to other tools.
"Public schools' budget limitations have created a surge in alternative avenues of education, for those who can access them: private schools, homeschooling, and supplemental education," write the authors.
Yet who can access—or afford—them is precisely the question, given that districts are still waiting for devices they ordered months ago, and true unemployment rates are likely higher than reported.
IN THE NEWS MOOCS FOR CREDIT? Providers of large-scale online courses known as MOOCs are hoping colleges will increasingly turn to digital materials to supplement campus courses or bolster their course catalogs. This week Coursera, one of those providers, announced new features to reassure skeptical college officials and professors that the online courses can be delivered in a way that safeguards against one of their biggest concerns: cheating.
AP ADDITION: The College Board may be reeling from a drop in test takers for its SAT exams. At the same time, it's introducing offerings that expose students to new subjects. Among them: a new African diaspora curriculum on the history, culture and contributions of Black people all over the world. Among the reactions from students and teachers who've piloted it: outrage, frustration, curiosity, determination and pride.
COVERING CHILD CARE: Low wages. Insufficient funding. No respect. Early childhood educators have always endured challenges, but COVID-19 has pushed them into a full-on crisis. As programs shutter amid declining enrollment, forcing layoffs and pay cuts, how will the field respond? In the year ahead, we'll be deepening our coverage of early childhood education and the new realities facing the industry, workforce and families.
ARE YOU THE ONE? EdSurge is looking for a part-time contract reporter to help cover the trends and experiences of K-12 educators and learners experiencing remote, hybrid and in-person learning, and what schools and districts are doing to support them. Details here.
KA'CHING! BRIGHT EYES: After leading education investments for the U.S.-based Knight Foundation, Benoit Wirz tested the European market with his own edtech firm in 2017. Three years and 18 deals later, that fund, Brighteye Ventures, has raised $54 million for its second fund, which could total $88 million by next spring. What Wirz looks to add to an already eclectic portfolio.
Other Deals:
- Arist, a Boston-based provider of a text-messaging learning platform for workforce training, has raised $1.9 million in a seed round from Acadian Ventures, Global Founders Capital, Craft Ventures and other investors.
- Fiveable, a Milwaukee-based provider of live-streamed lessons and K-12 tests and subjects, has raised $2.3 million in a funding round led by BBG Ventures, and joined by Deborah Quazzo, Spero Ventures, Matchstick Ventures, Cream City Venture Capital, 27V, Golden Angel Investors, SoGal and Metrodora Ventures (Chelsea Clinton's newly launched fund for health and learning businesses).
- Handshake, a San Francisco-based startup that connects college students with employers, has raised $80 million in a Series D round led by GGV Capital, with True Ventures, Kleiner Perkins, Spark Capital, Lightspeed Venture Partners, Chan Zuckerberg Initiative and Emerson Collective also participating.
- Immerse, an Irvine, Calif.-based developer of virtual-reality simulations to support English language learners, has raised $1.5 million in a Series A round led by Eagle Venture Fund.
- Knowledgehook, a Toronto-based developer of an online math instructional and assessment platform, has raised $20 million in a Series A round led by an undisclosed London-based edtech investment fund and joined by Mesoamerica's Alexandria Corp., Nelson Education, Ideal Ventures and Nicoya Ventures.
- LearnUpon, a Dublin, Ireland-based provider of an online employee-training system for companies, has raised $56 million in a growth equity investment from Summit Partners.
- Prompt, a Boston-based provider of writing instruction and feedback technology for college admissions essays, has raised $1.9 million in a seed round led by EduLab Capital Partners.
- Pluralsight, a publicly traded company that offers technology-training courses, has acquired DevelopIntelligence, a provider of consulting and training services for IT teams. Terms of the deal were not disclosed.
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Follow your EdSurge writers @tonywan, @jryoung, @stephenoonoo, @ByEmilyTate and @becky_koenig for the latest news and scoops as they hit the wire. And, of course, @EdSurge!
ON THE PODCAST GHOSTED: Who is disappearing from higher education due to the pandemic, and what are professors doing to try to keep students going in these challenging times? Those are the questions tackled on this week's podcast, the latest in our semester-long series of on-the-ground reports from students and professors at six campuses.
JUST ONE CHART 
Source: Inc42
INSIDE INDIA'S EDTECH INDUSTRY: The country claims some of the most highly-funded edtech startups of this century (think: Byju's). And with good reason. A report from Inc42 projects that India's edtech industry will reach a market size of $10.4 billion by 2025, driven largely by anticipated growth for K-12 and test-prep services. The report also forecasts that the number of paying users will nearly quadruple, from 10 million in 2020 to 37 million in 2025.
No wonder, then, that U.S.-based investors including CZI and Owl Ventures have been pouring money into Indian edtech startups. The report goes into greater detail about the breakdown of investment patterns, top edtech investors, the biggest acquirers and other handy industry trends specific to the country.
JOIN THE CONVERSATION Where is my mind? 2020 has been a whirlwind, but promoting a growth mindset in your district can help. Join this webinar to learn how administrators can support teachers and staff with remote learning, mental health and professional development by focusing on a growth mindset. Register today.
Events horizon: Education industry conferences are announcing—and changing—plans for next year. Among the latest updates: the ASU GSV Summit, originally set for April 19-21 in San Diego, has been postponed to July 7-9 in the same location. We've added a 2021 tab to our tracker of U.S. education industry events.
MOVERS & SHAKERS Matt Hillman is now executive vice president of university partnerships at Zovio, a publicly traded higher-education technology company.
Eli Kennedy has joined the board of directors of Discovery Education. He is the CEO of SMASH Academy, a provider of STEM education programs for students of color.
Eric Waldo is now chief access and equity program officer at Common App, an Arlington, Va.-based nonprofit seeking to improve access and equity for students in college admissions.
Derrick Ware is now chief technology officer at Newsela, a New York-based provider of digital instructional content platform.
ALSO ON OUR RADAR A report (PDF) from the U.S. Government Accountability Office dives into the details of attacks and data compromised across 99 reported student data breaches.
A study by Opportunity America and the Brookings Institution, examining an college-employer apprenticeship program in Kentucky, suggests a four-year degree may hardly be the only path to higher salary. (The Wall Street Journal)
"Why education technology can't save remote learning." (Axios)
Publicly traded virtual schooling company K12 Inc. "admits [to] releasing student data in bid to expand in Missouri." (St. Louis Today)
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