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Top edtech trends, companies, and VC deals

Advances in mobile, AI, and ML have moved edtech forward significantly. We look at its key trends and players currently shaping the space.

The pandemic changed the way we do things, from how we work together to how we get groceries. School shutdowns challenged conventional thinking, too—with distance learning and the implementation of various remote and hybrid approaches to teaching, the classroom status quo got kicked to the curb amid COVID-19. Shifts in our collective approach to education, from kindergarten through college, created new opportunities for edtech startups and investors in 2020, though this momentum has greatly crept back since. With in-person learning once again being the norm, edtech deal activity has visibly receded, but continued year-over-year valuation growth for edtech companies, even after this drop in demand, points to continued potential.

What is edtech?

Edtech, or educational technology, is an industry vertical encompassing companies that develop software and hardware solutions to enhance teaching practices and improve learning outcomes. The tools coming out of this sector played a pivotal role during recent pandemic years, when virtual and hybrid learning options became crucial as a way for students and teachers to connect. And the boom hasn’t slowed now that most schools and universities are meeting in person again.

Opportunities in edtech

In 2022, edtech companies raised just over $25 billion from investors, much of which can be attributed to M&A deals. Where VC and PE both backed off considerably after their remarkable showings in 2021, M&A actually saw a small increase in regards to funds raised. As of mid-March 2023, $2.1 billion has been invested into edtech startups across 202 deals.


Edtech quick stats from PitchBook










Largest deal


Capital invested


Median post-valuation

*According to PitchBook as of March 8, 2023; data is subject to change frequently

Top 5 edtech companies by capital raised

*According to PitchBook as of March 8, 2023; data is subject to change frequently


  • HQ: Bengaluru, India
  • Total raised: $6.4B
  • Latest deal type: Later-stage VC

BYJU’s is the developer of an online learning platform designed to deliver high-quality, engaging and accessible education. Founded in 2011, BYJU’S utilizes original content, watch-and-learn videos, rich animations, and interactive simulations to make learning contextual, visual, and practical. It is based in Bengaluru, Karnataka.


  • HQ: Beijing, China
  • Total raised: $4B
  • Latest deal type: Later-stage VC

Founded in 2012, Yuanfudao is a privately-held, Beijing-based educational platform providing online tutoring services for Chinese students. The company’s one-stop online tutoring platform provides elementary through high school students with various lessons that cover a wide array of subjects, enabling students to discover their learning weaknesses and conduct targeted learning through the leveraging big data analysis.


  • HQ: Beijing, China
  • Total raised: $3.4B
  • Latest deal type: Series E1

Zuoyebang was founded in 2015 and provides web and mobile learning platforms to assist K-12 students. The company’s platform enables students to seek answers, get assistance with their homework, and access live-streaming lessons and homework evaluation. It is based in Beijing, China.

Cambium Learning Group

  • HQ: Dallas, TX
  • Total raised: $3.1B
  • Latest deal type: Debt refinancing

Founded in 2003, Cambium Learning Group is an education service provider with programs for Pre-K through grade 12. Their family of brands includes companies like Kurzweil Educational Systems, which distributes specialized literacy software, and VKidz, an online curriculum developer for elementary and homeschool students. The company is based in Dallas, TX.

PowerSchool Group

  • HQ: Folsom, CA
  • Total raised: $2.5B
  • Latest deal type: IPO

PowerSchool Holdings Inc., founded in 1997, provides cloud-based software to the K-12 education market. Its technology helps schools and districts efficiently manage state reporting and related compliance, special education, finance, HR, talent, registration, attendance, funding, learning, instruction, grading, college and career readiness, assessments, and analytics—all in one place. It is based in Folsom, CA.

Top 5 VC edtech deals by deal size (2020-present)

*According to PitchBook as of March 8, 2023; data is subject to change frequently


  • Latest deal size: $251.8M
  • Latest financing date: October 2022
  • Number of investors in latest financing round: 33

We covered BYJU’S in the previous section, but the startup raised $1.7B of Series F venture funding in December 2021 in a deal led by B Capital Group, XN, Oxshott Capital Partners, and Baron Funds.


  • Latest deal size: $1.6B
  • Latest financing date: December 2020
  • Number of investors in latest financing round: 5

We also covered Zuoyebang in the section above, but the startup raised $1.6B in a Series E1 funding at the end of December 2020 in a deal led by Alibaba Group, FountainVest Partners, Ontario Teachers’ Pension Plan, Qatar Investment Authority, and Coatue Management.


  • Latest deal size: $1.5B
  • Latest financing date: July 2021
  • Number of investors in latest financing round: 4

Articulate develops e-learning software that assists users in creating e-learning courses for their learning management systems. Articulate raised $1.5B of series A venture funding in July 2021, in a deal led by Blackstone, General Atlantic, ICONIQ Capital, LionTree Partners, and angel investor Brad Garlinghouse.


  • Latest deal size: $300M
  • Latest financing date: July 2020
  • Number of investors in latest financing round: 2

Yuanfudao, which we covered earlier as well, took part in not only the fourth largest VC deal since 2020, but also the fifth and sixth largest, too. In August 2020, the company received $1.2B of series G venture funding in a deal led by Tencent Holdings. The fifth largest VC deal took place in March 2020, in which the company received $1B from the same group of investors, which is also included Boyu Capital, Hillhouse Capital Group, and IDG Capital.


  • Latest deal size: $650M
  • Latest financing date: February 2021
  • Number of investors in latest financing round: 1

Nearpod provides an online learning platform designed to empower educators to create learning experiences that engage students. The company’s platform provides interactive educational content across mobile devices and assists teachers in giving real-time feedback on student performance. Renaissance Learning acquired Nearpod in February 2021 for $650 million.

More on edtech

Learn about Black-founded edtech companies
Read our blog post on black founders and investors to watch in 2023

Edtech among Europe’s most prominent startups
Check out our article covering Europe’s 2022 unicorn environment

Discover the 2022 European edtech unicorn
Read our post on the emergence of edtech unicorn Multiverse

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