Brighteye Ventures, a Luxembourg-based VC firm, has closed its first edtech fund at €50 million to invest in education technology startups.
The firm will invest in the seed, Series A, and B stages of edtech companies that are developing solutions and products for the education sector, from primary school through to university. It will invest between €500,000 and €3 million per round in about 20 companies over the next three years.
The fund is led by partners Alex Spiro and Benoit Wirz with advisors from Paris-based Brighteye Venture Advisers.
Education is a $6 trillion global annual market, commented Alex Spiro (pictured, left), who is also cofounder of children’s book publishers Flying Eye Books.
“With just 2% digital penetration there is a clear market opportunity, and in recent years we have seen an explosion in impressive new companies operating at the intersection of learning, entertainment and the creative arts,” he said. “Many of these companies are seeking funding and Brighteye is ideally placed to help entrepreneurs scale quickly.”
“The European market [for edtech] in particular is maturing,” added Wirz (pictured, right). “Our analysis shows that digital penetration has increased in educational institutions and at home and the number of new edtech companies being funded annually in Europe has doubled since 2012.”