Companies in the industry have garnered some $10.5 billion in funding
– with two Chinese EdTech businesses recently receiving $1.75bn in funding alone. Company valuations too, are soaring. BYJU’s – an India-based e-learning start-up and itself the recipient of a recent $400M investment, became the first EdTech to be dubbed a ‘decacorn’ with a valuation in excess of $10 Billion. And, over the pond, MOOC (massive open online course) providers Udemy and Coursera are both valued in excess of $2 Billion, and climbing rapidly.
Although EdTech has seen healthy growth over the past few years, it is the events of the past few months that has put it firmly in the spotlight. The pandemic saw educational institutions closed in 107 countries, affecting more than 860 million students – with many classes migrating online. But it’s not just traditional education that’s turning to digital. With lifelong learning expected to become a societal norm, adults too are tapping into online education – both for business and leisure – and it’s growing fast.
With the sector poised for accelerated growth rates, EdTech must be prepared to scale like never before. Investment in internal systems to support growth in customers – both B2B and B2C – will be critical. Operations need to well managed – not only to support the student experience, but to ensure that rapid scale can be supported effectively as demand accelerates.