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Brighteye Ventures sees $54M first close of its second fund to back edtech startups in Europe – TechCrunch

Brighteye Ventures, the European edtech VC agency, is saying the $54 million first shut of its second fund, bringing whole property underneath administration to over $112 million.

Backing comes from a combination of present and new buyers, made up primarily of unnamed worldwide household places of work. The fund’s second shut is anticipated to happen subsequent 12 months and can embody extra institutional buyers.

Based in 2017, Brighteye describes itself as a thesis-driven fund investing in startups that improve studying. Unsurprisingly, the VC says it sees an unprecedented alternative throughout the $7 trillion international schooling sector “as educators and college students are adapting to distance studying en masse and hundreds of thousands of displaced staff are searching for to upskill’.

Out of this new fund, Brighteye will spend money on 15-20 corporations over the subsequent three years on the seed and Collection-A stage and write cheques of as much as $5 million.

“We spend money on startups that use know-how to instantly allow studying, expertise acquisition or analysis in addition to corporations whose merchandise handle structural wants within the schooling sector,” Alex Spiro Latsis, managing companion at Brighteye Ventures, tells me.

“For instance, Zen Educate addresses the systemic problem of trainer provide shortages within the U.Ok., through an on-demand platform that saves faculties cash while permitting educators to earn extra. Litigate is an AI-driven coach and workflow device enhancing outcomes for authorized associates, whereas Ironhack, the biggest tech bootcamp in Europe and Latin America, provides younger professionals the abilities wanted to enter the innovation financial system and connects them to employers with a 90% job placement price”.

The VC’s investments additionally contains Ornikar, the net driving college in France and Spain serving over 1.6 million college students; Tandem, the Berlin-based peer-to-peer language studying platform with over 10 million members; and Epic!, a studying platform mentioned for use in additional than 90% of U.S. faculties.

“Sector specialisation signifies that our whole crew is dedicated to mapping, evaluating and constructing networks within the studying trade,” provides Spiro Latsis, when requested how Brighteye will compete for edtech offers when many generalist VCs are eyeing up the sector. “We perceive what a differentiated strategy appears like, can develop conviction rapidly and make a proposal primarily based on that conviction. As soon as we make investments, portfolio corporations profit from a community that features not simply potential purchasers and buyers but in addition a number of the finest performing edtech corporations in Europe”.

In the meantime, Brighteye says will probably be increasing its advisory crew to assist the brand new fund and expects to develop from three members to 10 throughout the subsequent 12 months. As well as, David Guerin has been promoted to principal to handle deal making and portfolio assist in Paris, and the agency expects to open a DACH area presence by summer season 2022.

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Steve O'Hear