Europe’s edtech and smart classroom market is set to soar, with projections estimating its value to reach $61 billion by 2027. The digitalisation of education has been rapidly evolving, with the adoption of smart devices paving the way for advancements in the sector. The UK and France have emerged as key countries driving the trend of digitalised education. Consequently, there has been a surge in investments in edtech startups integrating cutting-edge technologies like augmented reality (AR), virtual reality (VR), and artificial intelligence (AI).
Brighteye Ventures, a prominent European edtech venture capital firm, has now achieved the final close of its second fund at an impressive €100 million, doubling the size of its initial fund in 2017 and elevating its total assets under management to €150 million. Notably, the second fund has attracted new investors, including the European Investment Fund (EIF), Jacobs Foundation, Partners in Equity, as well as family offices from Europe, Asia, and the Middle East. According to Brighteye VC, for the new fundg, their biggest pool of cheques is from €1.5-4m and the smaller one is €250-500k.
Commitment to early-stage edtech startups
Brighteye Ventures boasts a portfolio of investments since its establishment in 2017 by Partners Alexander Spiro Latsis and Ben Wirz. Some notable companies in their portfolio include:
- HackTheBox: A UK-based gamified continuous cybersecurity upskilling and talent assessment platform that secured $55 million in funding earlier this year.
- Ornikar: A French online driving school offering driving license test training, which raised an impressive $120 million in 2021.
- Oneday: A UK edtech startup focused on educating the next generation of AI-driven entrepreneurs, which recently secured $6.2 million in funding.
- Sdui: A German startup providing a leading school and daycare operating system that received €25 million in follow-on funding.
New fund, new appointments
Brighteye Ventures has also expanded its team, welcoming a new Head of Finance to join its existing members in Research, Community, and Design. The venture capital firm recognises the importance of building a strong platform team alongside its investment arm, aiming to enhance the support provided to portfolio companies and the broader edtech community.
With a team representing seven different European countries and offices in Luxembourg, earlier this year, Brighteye Ventures also released its fourth annual report, focusing on edtech funding in Europe. The report provided valuable insights into the edtech scene on the continent.
“We are very proud to have the leading European institutional partner backing Brighteye Fund II. The EIF’s support is testimony to the great confidence both the European Union and the market have in the burgeoning sectors of Edtech and workforce transformation, with key challenges facing societies as automation presents both significant risks and massive opportunities for the development of human productivity,” said Alexander Latsis, Founding Partner at Brighteye.
Founding Partner Benoit Wirz added: “Brighteye has been fortunate to accompany some incredible entrepreneurs across Europe and North America. We’re grateful to have more resources to assist them and excited to partner with the next wave of founders harnessing technology to maximise human potential.”
“In a changing economy, skills and human capital have to be adaptable and constantly updated. This is why, with the backing of the InvestEU programme, we are keen to support fund managers like Brighteye Ventures that are active in the education technology space, ensuring that European businesses developing innovative solutions to help improve skills and education get the support that they need,” said Marjut Falkstedt, EIF Chief Executive.
